STEEL SCRAP WRAP: Global market moves vary as Asian pricing falters
Global ferrous scrap prices showed varying fortunes in the week ended Friday October 29, with Turkey, India and the United States all reporting stability or prices increases, while the markets in Taiwan, Vietnam and China all weakened.
• Turkish scrap prices remain steady on public holiday
• US export prices rise on tight domestic market
• Vietnam prices affected by falling Chinese market
• Chinese scrap prices soften on weaker domestic market
• Taiwan scrap prices dip amid softening billet demand
• Indian market relatively quiet ahead of religious holiday.
Turkish mills booked only a couple of cargoes during the assessment week, with the market closing for the final two days of the working week for a public holiday, keeping prices steady.
The US scrap export market reported higher-priced sales, with domestic supplies in the country remaining under pressure.
Prices for scrap imported into Vietnam slipped amid weakening sentiment caused by sharp losses in China and weaker demand for steel billet.
steel scrap, HMS 1&2 (80:20), cfr Vietnam.
Prices for scrap imported into China moved down by $5 per tonne week on week amid bearish sentiment on the domestic scrap market.
steel scrap, heavy recycled steel materials, cfr China
Prices for scrap imports into Taiwan moved down following billet diversions and Chinese production cuts.
Prices for shredded scrap imports into India increased across the week despite concerns over rising freight costs and relatively subdued demand due to the upcoming Diwali religious festival in the country.
steel scrap, shredded, index, import, cfr Nhava Sheva, India.