A dismal economic situation in Turkey is piling pressure on prices in ferrous scrap markets around the world, delegates said at the Bureau of International Recycling (BIR) international conference in Barcelona.

Steel billet prices increased in most regions last week, despite a slight weakening in China’s domestic market, amid higher scrap prices and reduced supplies.

Dongkuk Steel, South Korea’s third-largest steelmaker, reported a 30.2% fall in plate sales last year on the back of increased domestic competition and continuing weak demand for the product.

China’s daily crude steel output rebounded in early February despite the week-long Chinese New Year holiday during the period.

The base metals prices on the London Metal Exchange are, for the most part, little changed this morning, Wednesday May 17, the exception is nickel where three-month prices are down 0.9% at $9,085 per tonne.

The regional steel billet markets mostly fell quiet last week because of the start of the Islamic holy month of Ramadan and the persistence of high export offer prices from China.

The annual convention of the Institute of Scrap Recycling Industries (ISRI) made its biennial visit to the lights and glamour of Las Vegas, in the US state of Nevada, from Saturday April 14 until Thursday April 19.

China’s daily crude steel output rebounded in late February, raising concerns of oversupply as demand remains weak.

Metal Bulletin looks at seven key things discussed in Xi’an last month at China Iron & Steel Association's 16th International Steel Market and Trade Conference that will have a major impact on the Asian and Chinese steel markets in the coming years.

Billet prices in the global markets except India continued to fall during the work week from Monday March 26 to Friday March 30 due to negative sentiment caused by the uncertainty over the United States' Section 232 tariffs.