WEEKLY SCRAP WRAP: US bucks trend as most global prices fall

Global scrap prices mostly fell in the week from Monday March 25 to Friday March 29, with only prices for exports from the United States rising on steady demand from the key import market of Turkey.

Turkish steel producers buy mid-week Turkish demand supports US ferrous scrap export prices Weaker downstream markets hold back Vietnam ferrous scrap prices Taiwanese prices fall on lower bids India prices down on election uncertainty, end of financial year. Turkey imports Turkish scrap import prices went down during the week ended March 29 on poor demand caused by the weakening Turkish lira. The country’s mills booked four cargoes at $318-328 per tonne cfr for HMS 1&2 (80:20) mid-week, including three Baltic Sea cargoes and one from the US. As a result, Fastmarkets’ daily scrap indices were both down by $3.12 per tonne week on week on Friday. The daily index for Northern Europe-origin HMS 1&2 (80:20) was calculated at $318.09 per tonne cfr on March 29, while the daily index for US-origin HMS 1&2 (80:20) was $323.52 per tonne cfr on the same day. The lowest point of the week for the European index was...

Published

Cem Turken

Paul Lim

Carrie Bone

March 29, 2019

20:40 GMT

Singapore, New York, Mugla, London