STEEL SCRAP WRAP: Global markets remain firm on solid booking activity
Global steel scrap prices have risen or remained firm over the week to Friday October 30, following a strong purchasing trend across all markets.
- Turkey continues to book large volumes of cargoes.
- US prices up on both coasts
- Taiwanese buyers look for domestic supply
- Vietnam looks toward US-origin cargoes
- India prices firm on tight supply.
Turkish steel mills have booked as many as 10 bulk cargoes this week from the United States, the UK and the Baltic Sea region.
Mills continued to book material in the first half of the week, having filled their order books until the end of the year. A public holiday in the latter part of the week subdued trading temporarily.
Exporters on both coasts were seeing more export activity and higher prices for their cargoes, which resulted in tigher supply in the domestic market ahead of November’s markets.
Interest in US-origin materials remained strong due to the higher prices being asked for Japanese supply.
steel scrap, HMS 1&2 (80:20), cfr Vietnam.
Taiwanese buyers were balking at higher prices for imported cargoes, looking to purchase more domestic ferrous scrap instead.
Prices on the Indian market moved up as a result of continuing tightness in material supply.
steel scrap, shredded, index, import, cfr Nhava Sheva, India.
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