WEEKLY SCRAP WRAP: Global prices mostly continue to fall on bearish sentiment

Scrap prices continued to fall across all major markets except India during the week to Friday December 7.

Demand from Turkish steel mills was sluggish this week, with only one deep-sea cargo traded, while a lack of demand in the Asian region pushed prices lower. But imported scrap prices in India increased this week because of stronger demand. Turkey imports Turkish steel producers made only one deep-sea booking this week - demand for finished steel products in the domestic and export markets was sluggish. On Wednesday, a steel mill in the Marmara region booked a European cargo comprising 20,000 tonnes of HMS 1&2 (75:25), 12,500 tonnes of a mixture of plate and structural (P&S) and HMS 1, 5,000 tonnes of shredded and 2,500 tonnes of new cuttings at an average price of $304 per tonne cfr, sending the daily indices by more than $16 per tonne on the day. Apart from this purchase, the market was moribund this week while mills continued to struggle with poor demand for finished steel products. “The demand...

Published

Cem Turken

December 07, 2018

19:04 GMT

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