Turkish scrap import prices have crashed this week, in line with market oversupply and weak demand from the country’s steel mills, while other market prices were expected to follow.

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

Buying activity in most billet markets was reduced last week amid weaker demand for finished steel due to Ramadan, the wet season in Asia and new trade restrictions in some countries.

Brazilian sellers have ramped up containerized exports of steel scrap into South Asian markets over the past year but this explosion in export sales is unlikely to be a long-term trend, sources have told Fastmarkets.

Steel imports into the USA in October fell to the lowest level in six months on the back of major declines in semi-finished material and plate products.

US steel exports have plunged since the Section 232 tariffs were implemented against imports from Canada, Mexico and the European Union, according to a review of Commerce Department figures by Fastmarkets AMM.

Turkish steel exports to the United States will not be seriously affected by trade sanctions under Section 232 as long as the 25% tariff is applied equally to all countries, the Turkish Steel Exporters Assn (ÇIB) said on Friday March 2.

Steel imports into the USA in October fell to the lowest level in six months, on the back of major declines in semi-finished material and plate products.

Good morning from Metal Bulletin’s offices in Asia, bringing the latest news and pricing stories on Wednesday December 20.

The London Metal Exchange launched four aluminium premiums contracts on Monday November 23, enabling physical market participants to hedge the premium portion of the "all-in" aluminium price.