STEEL SCRAP WRAP: Global prices continue surge on strong demand

Steel scrap prices continued to surge this week due to sustained demand from buyers in all markets, with the exception of India. Downstream steel prices have supported raw material price increases in Asia, with buyers melting scrap to feed demand for billet and long steel products.

  • Turkey books Canadian, Baltic Sea scrap
  • US export prices to go higher
  • Vietnam buys deep-sea bulk cargoes
  • Taiwan chases containerized scrap prices higher
  • Indian market remains subdued.

Turkish steel mills continued to purchase imported scrap cargoes at higher prices to feed downstream long steel production. Steel mills in the country have been actively offering rebar cargoes to Hong Kong and Singapore, with at least one cargo sold and one more under price negotiation.

Turkish scrap buyers booked Canadian and Baltic Sea cargoes this week instead of United States-origin material, which has been offered at higher prices compared with other origins.

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
Market sources expected more purchasing activity in the near term and at higher prices, due to strong demand from global steel mills and limited scrap flows.

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 has purchased at least two deep-sea cargoes this week, turning away from Japanese H2 cargoes due to the narrow premium.

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

Taiwanese buyers have continued to purchase containerized cargoes at higher prices because of high prices for finished products.

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

Indian prices were largely unchanged this week due to lackluster interest for imports among mills.

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


What to read next
Following a six-week consultation period, Fastmarkets can confirm it will amend the calculation method for all the average functions on the Fastmarkets platform from Wednesday March 1, 2023.
Consolidation, the recycling of electric vehicle batteries, US steel exports and the benefits of sustainable steelmaking were key talking points at Fastmarkets’ Scrap & Steel 2023 conference in Dallas in January
Green shoots of increased demand will emerge in US ferrous markets courtesy of the Biden administration’s trillion-dollar infrastructure package in 2023, Schnitzer’s executive vice president and chief strategy officer Richard Peach said at Fastmarkets’ Steel and Scrap Conference 2023 in Dallas, Texas
US special bar quality steel prices rose in January in line with rising scrap and alloy costs, according to market participants
European metal industry association Eurometaux has called on the European Commission to follow the lead shown by the Inflation Reduction Act and deliver a “powerful” policy to support the industry in the EU while it tries to keep up with the move to a new generation of energy markets
The fallout from Russia’s invasion of Ukraine is changing global trade flows for bauxite, with Brazilian material once again flowing into China and with the introduction of export restrictions elsewhere likely to influence availability through 2023
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.