STEEL SCRAP WRAP: Demand ramps up in Turkey, Asia

Turkey returned to the deep-sea steel scrap market with renewed vigor in the week to Friday September 10 although regional mills kept their prices stable at lower levels while those in Asia went up on healthy demand over the period.

  • Turkey scrap prices stable after raft of deep-sea bookings
  • United States scrap export prices still in decline
  • Vietnamese import interest renewed amid higher Chinese billet prices
  • Healthy Chinese finished steel prices led to higher producer bids for imported steel
  • Obstruction at Los Angeles ports keeps lid on Taiwanese scrap imports from US
  • Indian appetites grow for shredded material, buoying prices.

Turkey
Turkish mills booked seven deep-sea ferrous scrap cargoes for October shipment in the week to September 10.

The cargoes were booked from European, Baltic Sea and United States suppliers, and were roughly comparable to sales reported previously, keeping prices broadly stable.

Pricing history
steel scrap HMS 1&2 (80:20 mix), Northern Europe origin, cfr Turkey.
steel scrap HMS 1&2 (80:20), US origin, cfr Turkey.

United States
US scrap prices fell by $5-10 per tonne in an East Coast export sale to Turkey reported on September 7, in which HMS 1&2 (80:20) went for $445 per tonne cfr and shredded scrap was priced at $460 per tonne cfr.

Pricing history
steel scrap HMS 1&2 (80:20), export index, fob New York.
steel scrap shredded scrap, export index, fob New York.
steel scrap, HMS 1&2 (80:20), export index, fob Los Angeles.

Vietnam
Rebounding China billet prices led to a surge in Vietnamese import appetites for scrap over the course of the week.

Pricing history
steel scrap, HMS 1&2 (80:20), cfr Vietnam.

China
Better finished steel margins allowed for higher scrap bids out of China for imported scrap this week.

Pricing history
steel scrap, heavy recycled steel materials, cfr China

Taiwan
Congestion at the Port of Los Angeles halted purchases of Taiwanese containerized HMS 1&2 (80:20) scrap from the regular US supplier this week.

Pricing history
steel scrap, HMS 1&2 (80:20 mix), US material import, cfr main port Taiwan.

India
Healthy demand for shredded scrap in the region led to a rise in prices in India despite limited trading activity reported.

Pricing history
steel scrap, shredded, index, import, cfr Nhava Sheva, India.

steel-scrap-wrap-2021-09-10.jpg

What to read next
The Inflation Reduction Act in the United States may ironically cause global metal market prices to rise for some metals used in electric vehicles (EVs), Fastmarkets sources said
Globalization, financialization and other key differences in today’s metals markets make comparisons to past periods of inflation potentially misleading. Fastmarkets experts discuss.
An alarming drop in water levels in Germany’s Rhine River and other key waterways in Europe has led to massively strained logistics in shipping commodities across Europe, driving up costs and exacerbating material supply, sources told Fastmarkets
Fastmarkets is proposing a realignment of its dealer selling price for ferrous scrap machine shop turnings in Houston, effective from the September 2022 monthly settlement.
Fastmarkets is proposing a realignment of its dealer selling price for ferrous scrap machine shop turnings in St Louis, effective from the September 2022 monthly settlement.
Fastmarkets is proposing a realignment of its consumer buying prices for No1 bundles and No1 busheling scrap in Alabama, effective from the September 2022 monthly settlement.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed