STEEL SCRAP WRAP: Turkish mills stay out of market, Asia prices edge downward
Turkish mills were largely inactive in the import scrap market over the week ended Friday August 27, while prices in key Asian markets were affected by the low levels of interest among mills for imported cargoes.
- Turkey books just one deep sea cargo during week
- US prepares for fall in domestic prices
- Vietnamese import prices constrained by rise in Covid-19 cases
- Chinese scrap buyers hold back from imports
- Taiwanese sentiment worsened by cut in Japan local price
- Indian import scrap demand still muzzled by monsoon season.
The bellwether Turkish import scrap market had a quiet week, booking a single cargo over the past seven days, sources told Fastmarkets.
Mills in the country kept their deep-sea purchases slow over the week because they found it difficult to make finished steel sales. Steelmakers dropped export rebar offers to $670-675 per tonne fob on an actual-weight basis this week, compared with $680-695 per tonne fob last week, sources said.
Exporters in the United States opted to reduce their dock sales prices in the week to Wednesday amid a weaker Turkish market and expectations of a decline in September’s domestic trade. On the West Coast, offer prices for scrap to Asia were supported by very high freight costs.
Ferrous scrap trading in Vietnam remained thin during the week, with the worsening Covid-19 pandemic reducing demand in the country, sources said.
steel scrap, HMS 1&2 (80:20), cfr Vietnam.
Chinese steel scrap importers continued to avoid importing steel scrap this week despite a drop in offer prices heard from South Korea, sources said.
steel scrap, heavy recycled steel materials, cfr China
Spot prices for steel scrap imported in containers into Taiwan stayed flat over the past week amid a negative outlook from the buy side.
Prices for shredded steel scrap imported into Pakistan and India fell over the past week with the monsoon season continuing to depress demand in India.
steel scrap, shredded, index, import, cfr Nhava Sheva, India.