Steel scrap prices continued to surge this week due to sustained demand from buyers in all markets, with the exception of India. Downstream steel prices have supported raw material price increases in Asia, with buyers melting scrap to feed demand for billet and long steel products.
New transactions concluded for containerized steel scrap cargoes sold to Bangladesh fetched lower prices over the past week, sources told Fastmarkets.
Total crude steel output across 64 major producer countries was 150.2 million tonnes in February 2021, down by 8% month on month but up by 4% from February 2020, the World Steel Association (Worldsteel) said on March 23.
As the current surge in coronavirus cases in India takes hold, Fastmarkets looks at the possibility that the steel industry could lose its impressive growth.
Surging steel demand in the majority of global markets pushed prices up in most regions in the week to Friday May 14. Only the United States deep-sea ferrous scrap market remained inactive, while Chinese scrap prices fell victim to softer prices for finished steel products.
All the world’s major coking coal importers reduced their purchases in 2020 amid steel production cuts and lockdowns caused by the Covid-19 pandemic.
Increasing scrap flows and bearish appetites led to softer prices in the majority of international steel scrap markets in the week to Friday March 12.
Global steel scrap prices surged in the week to Friday May 7 and could well break through the $500 per tonne cfr mark, starting in Asia, market sources have told Fastmarkets.
The latest forecasts from Fastmarkets’ team of analysts is ready to view.
Turkey came back to the deep-sea export markets in the week ended Friday February 5, capitalizing on lower prices, while buying appetite in the Asian markets was subdued by the imminent Lunar New Year holiday.
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