WEEKLY SCRAP WRAP: Prices continue to fall despite recovering demand

Scrap prices in the major markets worldwide continued to fall during the working week from Monday January 7 to Friday January 11, following the downturn in the Turkish market.

But demand was strengthening due to low stock levels in both Turkey and Asia, despite the weakness of the markets for finished steel - especially in Turkey. Turkey imports The Turkish steel mills resumed their deep-sea scrap purchases and booked seven deep-sea cargoes this week, totaling 220,000 tonnes. A steel mill in the Iskenderun region booked a US cargo, comprising 25,000 tonnes of HMS 1&2 (95:5) at $283 per tonne and 13,000 tonnes of shredded at $285 per tonne cfr on January 11. Market participants said that the HMS 1&2 (80:20) price for this cargo would be $280 per tonne cfr, because shredded usually trades at a $5 premium over HMS. Two cargoes were heard traded on January 10. A steel mill in the Izmir region booked a Baltic Sea cargo, comprising 28,000 tonnes of HMS 1&2 (80:20) at $280 per tonne, 5,000 tonnes of shredded at $285 per tonne and 3,000 tonnes of bonus at...

Published

Cem Turken

January 11, 2019

19:30 GMT

Mugla