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- Indian scrap offers withdrawn from market.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.
Prices in the United States export market have remained consistent on the cargoes sold to Turkey this week.
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.
Prices for shredded steel scrap into India moved progressively lower through the working week.
steel scrap, shredded, index, import, cfr Nhava Sheva, India.