WEEKLY SCRAP WRAP: Global markets rally on limited supplies, strong demand

Global ferrous scrap prices continued to rally in the week to Friday December 15, fueled by expectations of tighter supplies from the onset of winter and solid demand from global steelmakers.

Turkish scrap import prices climbed early in the week as mills continued to book material for January delivery - putting upward price pressure on bulk and containerized scrap in the US export sector, which in turn boosted Taiwanese and Indian import scrap prices.
Turkey imports
Turkish steelmakers booked three cargoes at higher prices on December 11, only to then move to the sidelines for the rest of the week.
A steel mill in the Iskenderun region was said to have booked a European cargo late on Friday, comprising 20,000 tonnes of HMS 1&2 (80:20), 8,000 tonnes of shredded and 2,000 tonnes of busheling for an average price of $354 per tonne cfr.
One steel producer in the Izmir region booked a fresh cargo from the UK comprising 22,000 tonnes of HMS 1&2 (80:20) at $348 per tonne cfr.

And a...

Published

Mei Ling Toh

December 15, 2017

21:32 GMT

New York