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.
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.
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.
Rebounding China billet prices led to a surge in Vietnamese import appetites for scrap over the course of the week.
steel scrap, HMS 1&2 (80:20), cfr Vietnam.
Better finished steel margins allowed for higher scrap bids out of China for imported scrap this week.
steel scrap, heavy recycled steel materials, cfr China
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.
Healthy demand for shredded scrap in the region led to a rise in prices in India despite limited trading activity reported.
steel scrap, shredded, index, import, cfr Nhava Sheva, India.