The global scrap market was largely on-hold this week, as participants held back waiting for fresh pricing signals for imports into Turkey and for Chinese billet prices to settle.
Expectations varied widely with regards to the size of the expected price drop for deep-sea bulk cargoes into Turkey.
Meanwhile, Turkish domestic scrap prices dropped sharply at the beginning of the week.
Furthermore, in Asia, import prices for containerised HMS-grade scrap in Taiwan dipped as low as $195-200 per tonne over the past week, bringing the total fall in the price close to $100 per tonne in less than a month.
On the steel side, Turkish billet prices took a downturn and domestic rebar and wire rod prices fell further amid falling billet prices and weak demand.
It has been a choppy two months for China’s billet...