Taiwanese buyers of imported containerized ferrous scrap continued to pay higher prices for cargoes in the week to Friday June 12 amid climbing prices in global markets.

The price of shredded steel scrap imported into India and Pakistan jumped on Friday November 20, with available material in short supply and a strong Turkish market, sources told Fastmarkets.

The latest news and price moves to start the Asian day on Friday December 21.

China’s ferrous scrap prices moved up sharply over the past week due to tight supply, eating into the profits of mills that operate electric-arc furnaces.

Metal Bulletin reviews the major stories affecting the steel market over the past week.

Gulf Co-operation Council (GCC) countries are finding common ground over the threat from steel being redirected as a result of the United States decision to impose tariffs on imports.

Fastmarkets is proposing to launch a weekly Pakistan import shredded steel scrap index to provide transparency to a market whose global prominence was recently demonstrated by its robust performance even during the most testing conditions of the initial Covid-19 pandemic.

Finished long steel prices in Europe have continued to go up through August, supported by reduced supplies during the summer holidays, as well as by costlier raw materials.

Recent unfavorable developments in the Turkish economy - in the steel market in particular - caused by the aggravation of diplomatic relationships with the US has put pressure on CIS steel producers, both in terms of export volumes and prices.

A 10-week decline in low-grade manganese ore prices stalled on Friday June 21 and Chinese port ore prices have been rebounding dramatically from 2019 lows reached in early June.