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United States export prices weakened over the period, with market participants unsure whether prices had further to fall on the basis of cheaper European deals.
Turkey Turkey returned to the deep-sea market in force this week, booking a series of UK- and Baltic Sea-origin cargoes. Turkish buyers had previously stayed out of the market in expectation of lower bulk prices, which have now been seen.
Two UK sales to Turkey were priced at $387-399 per tonne cfr for an HMS 1&2 (80:20) while two Baltic Sea cargoes were booked at $380-381 per tonne cfr for HMS 1&2 (80:20) and $390-391 per tonne cfr for bonus material.
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 Persistent weakness on the global scrap markets pushed US export scrap prices lower this week, with South Korean buyers coming back to the US West Coast market at a steep drop.
Lower European sales to Turkey, which continued to accumulate at lower levels, added to bearish sentiment over the period, with market participants expecting further drops.
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 Buying appetites in Vietnam remained suppressed this week, with purchases muted due to the Lunar New Year holiday. A rebound in Japanese scrap prices led to higher offers made to Vietnam, but these were considered too high and were not accepted by regional buyers.
Pricing history steel scrap, HMS 1&2 (80:20), cfr Vietnam.
Taiwan Taiwanese scrap import prices continued to fall this week, with sellers reported to be settling for lower prices ahead of the Lunar New Year, allowing regional mills to capitalize on lower deals.
Pricing history steel scrap, HMS 1&2 (80:20 mix), US material import, cfr main port Taiwan.
India Prices in India moved down as a result of poor trading conditions, with the market said to be ‘sleeping’ due to the lack of purchasing activity.
Pricing history steel scrap, shredded, index, import, cfr Nhava Sheva, India.