Turkish import scrap prices have risen this week, while those for Taiwanese import material plunged, and Indian import scrap held largely steady amid general expectation of a rebound in demand for the steelmaking raw material.

The Thai Cabinet has approved a draft bill this week that will allow the Industry Ministry to shut down mills in the country that produce substandard steel.

State-owned Saudi Arabian steel producer Hadeed Sabic plans to investment in a new product, although the details have yet to be announced, company president Mohammed Al-Zahrani said on Tuesday December 11.

Global billet prices moved in different directions during the week ended Friday May 4, with limited supply and improved demand pushing prices up for Southeast Asia’s imports, China’s domestic market and Turkey’s exports.

Editor Vera Blei looks at the main news covered by Steel First over the past week.

The latest news and price moves to start the Asian day on Wednesday November 14.

Base metals prices on the Shanghai Futures Exchange were all down at the close of morning trading on Thursday January 23, the final trading day before Lunar New Year holidays kick off in China.

Metal Bulletin has amended its Brazilian domestic steel prices to reflect standard market practices, making changes to the calculation of its monthly assessments.

The global billet market showed signs of reaching a turning point last week, as prices in most regions took a downward turn following developments in the Turkish scrap market.

Brazilian long steel imports were 52.6% higher in September compared with the corresponding month last year.