WEEKLY SCRAP WRAP: Prices down globally amid thin demand
Steel scrap prices in the global markets continued to fall in the working week ended Friday July 3, with the exception of Turkey, which secured a cargo at a higher price as the week closed.
- Turkey secures further cargoes
- US East Coast recyclers reduce buying prices
- Vietnam demand gets thin on increasingly bearish sentiment
- Taiwan buyers seek lower prices
- India’s poor demand hits prices.
Turkish steel mills did not purchase any deep-sea cargoes in the earlier part of the week but returned to the markets from Wednesday onward to purchase three cargoes.
These comprised two US deep-sea purchases and one European buy.
Recyclers operating on the United States’ East Coast dropped their purchase prices after hearing of a sale concluded at a $5 per tonne discount to Turkey.
Vietnamese buyers were largely on the market sidelines, waiting for prices to bottom-out before entering the spot market again. European scrap has been offered to Vietnam, a clear sign of bearish sentiment building in Europe for the key Turkey import market.
steel scrap, HMS 1&2 (80:20), cfr Vietnam.
Taiwanese steel mills were actively seeking lower prices due to falling regional prices. Downstream rebar prices have also fallen.
Poor demand and logistical issues weighed on the price of containerized scrap imported into India, edging it downward for another week.
steel scrap, shredded, index, import, cfr Nhava Sheva, India.