WEEKLY SCRAP WRAP: Global markets slow on reduced trading and demand

Global ferrous scrap prices fell by $5 per tonne or less during the week ending Friday December 14 following a period of quieter trading.

The Turkish market witnessed another week with no new cargoes booked, leaving prices virtually unchanged, while US prices were flat, which was also due to a lack of fresh trades. India made no bookings but prices fell by $5, as did prices for Taiwan and Vietnam. Turkey imports Turkish steelmakers booked no deep-sea cargoes this week because of the continuing lack of demand for finished steel in the domestic and export markets. Domestic mills have been holding back from scrap purchases for three weeks now, with only one cargo booked since November 23, which was a European cargo at an average price of $304 per tonne cfr on December 5. Late on Thursday December 13, a rumor circulated of of a UK cargo sold at $275 per tonne cfr for 30,000 tonnes of HMS 1&2 (80:20). But the alleged supplier told Fastmarkets MB that it had not sold such a cargo. The reason for the mills’...

Published

Carrie Bone

December 14, 2018

17:41 GMT

London