STEEL SCRAP WRAP: Prices slipping across global markets
Steel scrap prices in the key global markets moved down over the week to Friday August 6 with demand for material remaining tepid.
- Turkish mills make fresh bookings at lower prices
- US export prices consistent in recent bookings
- Vietnam scrap prices down on weak demand
- Chinese import prices fall alongside domestic pricing
- Taiwanese scrap prices continue downtrend on poor demand
- Indian scrap offers withdrawn from market.
Mills in Turkey booked at least five deep-sea cargoes this week, with prices dropping through the week despite rising freight rates, due to continued poor demand for finished long steel.
steel scrap HMS 1&2 (80:20 mix), Northern Europe origin, cfr Turkey.
steel scrap HMS 1&2 (80:20), US origin, cfr Turkey.
Prices in the United States export market have remained consistent on the cargoes sold to Turkey this week.
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.
Prices on the Vietnamese scrap market continued to slip during the week due to weak downstream demand for long steel.
steel scrap, HMS 1&2 (80:20), cfr Vietnam.
In China, scrap prices move downward across the week on a drop in domestic scrap pricing linked to enforced production cuts.
steel scrap, heavy recycled steel materials, cfr China
Spot prices in Taiwan continued on a downtrend amid poor demand.
steel scrap, HMS 1&2 (80:20 mix), US material import, cfr main port Taiwan.
Prices for shredded steel scrap into India moved progressively lower through the working week.
steel scrap, shredded, index, import, cfr Nhava Sheva, India.