Russia's economy ministry has proposed that the government impose temporary export duties on ferrous and non-ferrous metals sold outside the Eurasian Economic Union (EAEU), documents seen by Fastmarkets state.

Turkish deep-sea scrap import prices have made a downward correction with the latest cargo sold from Europe, sources told Fastmarkets on Thursday April 1.

Turkish steel producers ended the week with no deep-sea scrap bookings amid limited finished steel demand, market participants told Fastmarkets on Friday June 4.

Spot prices for imported ferrous scrap in China were stable on Friday April 16 even with Chinese steel mills continuing to seek out cargoes of HRS101, the Chinese grade for plate and structural scrap.

A key topic reverberating around the Asian steel market over the past month has been the possibility of China reducing steel export rebates to 9% from the current 13%, or possibly axing them altogether.

Prices for higher grades of steel scrap exported from Japan continued to increase over the past week, underpinned by a strong appetite in the domestic market, sources told Fastmarkets this week.

Increasingly higher bulk freight rates have resulted in deep-sea cargoes of ferrous scrap being offered at higher prices to Bangladesh in the past week, sources told Fastmarkets on Thursday August 20.

The supply shortage in the European steel market, which has been driving up domestic prices since late 2020, will persist until the end of this year at the very least, market sources told Fastmarkets.

Ferrous markets are volatile, and 2020 marked one of the most up-and-down years for steel pricing in recent memory, but perhaps no year was as unpredictable as 2008.

Ferrous markets are volatile, and 2020 marked one of the most up-and-down years for steel pricing in recent memory, but perhaps no year was as unpredictable as 2008.