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.

Turkey
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.

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
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.

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
Interest in US-origin materials remained strong due to the higher prices being asked for Japanese supply.

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

Taiwan
Taiwanese buyers were balking at higher prices for imported cargoes, looking to purchase more domestic ferrous scrap instead.

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

India
Prices on the Indian market moved up as a result of continuing tightness in material supply.

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

Sign up here for Fastmarkets’ free webinar on November 4, 2020, beginning at 9am GMT: European flat steel market – on the mend after the Covid-19 fallout?
– Overview of EU flat steel price developments in 2020 so far
– Suppliers’ response to the drop in demand
– Fortress Europe? Toughening of trade defense measures
– The survival of European steelmakers facing high raw material costs
– Demand contraction and a slow path to recovery
– Near-term price outlook.

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