STEEL SCRAP WRAP: Global markets stabilize following recent price spikes
Major global steel scrap markets have started to level off in recent days following sharp increases in the preceding few weeks.
- High supply hits Turkish import market again
- US export prices rise in sales to Turkey
- Vietnamese import prices keep rising despite calmer steel markets
- Chinese buyers re-enter market for bulk cargoes at higher prices
- Taiwan import prices stabilize following recent rises
- India prices rise on firm finished steel prices
The bellwether Turkish import scrap market recorded a $5-per-tonne decrease on Friday following concerns about rebar demand in both the domestic and export markets.
“The number of deep-sea scrap offers is high at the moment, which is pointing to a correction in the prices,” a Turkish mill source said.
Turkish steel mills have been active in the deep-sea market this week, booking seven cargoes in total.
Prices in the United States deep-sea ferrous scrap export market have continued to strengthen on the US East Coast following the sales of fresh cargoes into Turkey earlier this week.
Steel scrap import prices in Vietnam have continued to increase even while the upward momentum in the finished and semi-finished steel markets has slowed in recent days, sources told Fastmarkets on Friday.
steel scrap, HMS 1&2 (80:20), cfr Vietnam
Importers of ferrous scrap in China are considering raising their bids for imported heavy scrap, with steel mills in both the east and northeast of the country expected to purchase more quantities in the coming weeks.
steel scrap, heavy recycled steel materials, cfr China
Prices for containerized ferrous scrap imports into the key Taiwanese market have stabilized after the recent sharp jump seen in the market.
Prices for shredded steel scrap imported into India pushed up over the past week as a result of higher finished steel prices.
steel scrap, shredded, index, import, cfr Nhava Sheva, India