STEEL SCRAP WRAP: Turkish import prices fall further; SE Asia stable
Steel producers in Turkey returned to the deep-sea scrap markets on achieving lower prices in the week ended Friday October 2, while the Asian markets were largely stable amid reduced availability and holiday absences in the territory.
- Turkish steel mills resume deep-sea bookings, prices down
- Sentiment in US export market negative, with falling prices
- Vietnamese import prices stable on reduced supply
- Taiwanese scrap import market stable because of holiday
- Indian shredded import prices down on negative signs in Turkey.
Turkish steel mills resumed their bookings of deep-sea scrap after achieving lower deal prices late this week.
Three deep-sea deals were heard at the end of the week, putting the prices for HMS 1&2 (80:20) at $284 per tonne cfr for European material and $289 per tonne for Baltic Sea-origin material.
Market participants had been expecting a downturn in prices, because the country’s steel mills had been staying away from the deep-sea market due to weak finished steel demand and good levels of scrap stocks.
steel scrap HMS 1&2 (80:20 mix), Northern Europe origin, cfr Turkey.
steel scrap HMS 1&2 (80:20), US origin, cfr Turkey.
Sentiment in the United States’ ferrous scrap export market was damped by falling dock prices on the East Coast and a cargo deal done from the West Coast to South Korea at lower prices.
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.
Vietnamese scrap import prices were fairly stable this week following a reduction in volumes offered by Japan, but no new deals were heard to be closed.
steel scrap, HMS 1&2 (80:20), cfr Vietnam.
Import prices for containerized scrap in Taiwan were unchanged this week due to a major holiday in the territory. But buyers were still expecting a further decrease in prices.
steel scrap, HMS 1&2 (80:20 mix), US material import, cfr main port Taiwan.
The price of shredded scrap imported into India fell again this week on negative market sentiment, resulting from the downturn in Turkish import prices.
steel scrap, shredded, index, import, cfr Nhava Sheva, India.
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