STEEL SCRAP WRAP: Prices trend downwards on worsening sentiment

Global steel scrap prices dropped in the week to Friday May 28 on poor sentiment resulting from a weaker Chinese market and a softening of the Turkish market.

  • Turkey reports latest trades at lower prices
  • US East Coast sees trades to Turkey
  • Vietnamese market affected by weaker Chinese sentiment
  • Chinese prices remain down despite improving futures
  • Taiwan prices lower on soft buying interest
  • Indian buyers show no interest in purchasing material.

Turkish steel mills purchased just two cargoes this week, at decreasing prices, following a fall in Turkish domestic and export steel prices, affected by the weakening sentiment on the Chinese market.

The price of scrap to Turkey moved down by $12 per tonne from the start to the end of the week, prompting concern about a possible downward correction in all the other key global markets.

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 export market reported sales from the East Coast to Turkey, while West Coast trading remained subdued.

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.

Prices into Vietnam fell due to weaker sentiment caused by the recent drop in Chinese steel prices.

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

Chinese scrap prices remained subdued as a result of the falling futures values, despite a recovery toward the end of the week.

Pricing history
steel scrap, heavy scrap, domestic, delivered mill China.

Imported Taiwan scrap prices decreased amid soft demand from domestic end-users.

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

The price of shredded steel scrap imported into India moved down after the weakening on the Turkish scrap market and in Chinese futures.

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

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