WEEKLY SCRAP WRAP: Global scrap prices rise on restocking demand

Global scrap prices pushed upward during the working week from Monday January 28 to Friday February 1, driven by heightened demand due to restocking activity from steel mills worldwide.

Steelmakers in Turkey secured at least 17 ferrous scrap cargoes over the past week, pushing Turkish scrap import prices and US ferrous scrap export prices higher during that period. Asian and Indian import prices also rose in line with the global uptrend. Turkey imports Prices of imported scrap prices in Turkey rose following a large number of ferrous scrap cargoes booked from Europe, the Baltics and the United States during the week ended February 1. Seven deep-sea cargoes transacted during the previous week were reported on Monday January 28. A steel mill in the Izmir region booked a European cargo comprising 25,000 tonnes of an 80:20 mix of No1 and No2 heavy melting scrap (HMS) at $291 per tonne cfr and 3,000 tonnes of bonus at $308 per tonne cfr. A steel mill in the Iskenderun region booked a European cargo comprising 25,000 tonnes of HMS 1&2 (80:20) at $295 per...

Published

Mei Ling Toh

February 01, 2019

21:07 GMT

New York