STEEL SCRAP WRAP: Global prices continue uptrend on firm demand

Ferrous scrap prices in all the key global markets continued to increase in the week ended Friday August 7 on stable demand from end-users and high prices for downstream steel products.

  • Turkey continues to purchase material at higher prices
  • US export prices and volumes rise
  • Vietnam chooses US-origin scrap on narrowing differential with Japan
  • Taiwan prices continue uptrend
  • India prices return to pre-pandemic levels.

Deep-sea scrap bookings by Turkish steel mills have amounted to seven cargoes so far this week, totaling around 225,000 tonnes, with prices rising through the week.

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
The US ferrous scrap market continued to see active exporting due to the weakness of the country’s dollar compared with the euro, making US scrap more attractive.

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.

The Vietnam scrap market has started to opt for bulk deep-sea cargoes from the United States because Japanese scrap is becoming more expensive.

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

Taiwanese buyers were paying more for imported scrap even though the downstream steel sectors were not performing well.

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

Prices in India moved up again this week, returning to pre-Covid-19-pandemic levels, boosted by last week’s $15 per tonne surge.

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