Extension of consultation period for launch of price assessment for steel slab, import, cfr main ports Turkey
After assessing market feedback, Fastmarkets is extending the consultation period for its proposal to launch a price assessment for Turkish imports of steel slab on a cfr main ports basis
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.
Turkish scrap import prices have gone down, as expected, with news of a UK cargo being sold at the end of last week coming to light on Thursday March 25.
Vietnamese buyers have been seeking bulk deep-sea ferrous scrap to make up for a lack of supply from Japan, market sources told Fastmarkets.
A global shortage of steel slab is a key factor in rocketing flat steel prices, market sources told Fastmarkets this week.
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.
Turkish steel mills remained absent from the deep-sea scrap import market on Wednesday March 24, due to the slump in the value of the lira and weak steel demand, market participants told Fastmarkets.
Sustained demand for containerized ferrous scrap imports in the key Taiwanese market should continue to support prices in the near term, market sources told Fastmarkets.
Turkish steel producers skipped the last working day of the week with no deep-sea bookings, market participants told Fastmarkets on Friday May 21.