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.
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.
Vietnam has purchased at least two deep-sea cargoes this week, turning away from Japanese H2 cargoes due to the narrow premium.
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.
Indian prices were largely unchanged this week due to lackluster interest for imports among mills.
steel scrap, shredded, index, import, cfr Nhava Sheva, India.