STEEL SCRAP WRAP: Turkish import prices steady despite Asia slowdown
Turkish steel scrap import prices have so far held firm despite a sharp drop in China’s steel and scrap markets this week.
Soaring billet and rebar prices in Asia were factors in allowing Turkish import scrap prices to rise earlier this month, but despite a large downturn in many Asian ferrous markets this week - including China and Taiwan - Turkish scrap prices have so far been undeterred.
- Turkey books more cargoes, prices edge upwards
- US bulk offer prices increase on both coasts
- Vietnamese import prices reverse following weakening sentiment
- Chinese scrap buyers spooked by crashing futures, ferrous prices
- Taiwanese buyers drop bid prices amid weaker steel markets
- Indian prices continue to rise despite souring sentiment
The bellwether Turkish import scrap market booked more July shipment cargoes over the past week, with most bookings originating in the Baltic Sea region.
Turkish scrap prices are being supported by strong export rebar prices with steel producers in Turkey offering the material at $780-790 per tonne fob on an actual-weight basis this week.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), export, fob main port Turkey was $780-790 per tonne on Thursday, up from last week’s $740-790 per tonne.
Steel scrap HMS 1&2 (80:20 mix), Northern Europe origin, cfr Turkey.
Steel scrap HMS 1&2 (80:20), US origin, cfr Turkey.
Offers for heavy melting scrap from the US East and West Coasts continued to rise, reaching as high as $510 per tonne cfr Turkey and $550 per tonne cfr Bangladesh for deep-sea HMS 1&2 (80:20), but no new deals were confirmed this week.
Import prices for steel scrap in Vietnam fell in the week to Friday May 21 amid a downturn in sentiment across many of Asia’s steel and ferrous scrap markets, sources said.
Steel scrap, HMS 1&2 (80:20), cfr Vietnam.
Chinese steel scrap importers largely stayed away from booking imports of scrap over the past week, while they watch daily falls in ferrous futures and local steel prices, sources said.
Steel scrap, heavy recycled steel materials, cfr China.
Falling prices across the whole ferrous supply chain in key Asian markets has cooled prices for containerized ferrous scrap in the Taiwanese import market.
Prices for shredded steel scrap into India continued to rise despite a souring of market sentiment.
Steel scrap, shredded, index, import, cfr Nhava Sheva, India.