WEEKLY SCRAP WRAP: Prices continue to weaken in all global markets

The global ferrous scrap trade continued to soften during the week ended Friday May 10 due to negative sentiment and weak demand in the major markets.

Political disturbances in Turkey put more pressure on mills US export prices on both coasts fall Lower Kanto tender, Turkish lira drive down spot prices in Asia Indian market still subdued by general election process. Turkey imports Turkish steel producers have mostly struggled with raw material purchases over the past week because of political disturbances and weak rebar demand as a consequence of trading restrictions. The daily index for Northern Europe-origin HMS 1&2 (80:20) was calculated at $292.59 per tonne on Thursday, down by $3.45 per tonne compared with May 7, before closing at 289.83 per tonne on Friday. The daily index for US-origin HMS 1&2 (80:20) was $299.76 per tonne from Tuesday to Thursday, before ending the week at $297.00 per tonne. The Turkish mills were silent until the end of week because of the worsening political situation in the country and sluggish rebar demand in both the domestic and export markets. But they...

Published

Cem Turken

Paul Lim

Carrie Bone

May 10, 2019

20:55 GMT

Mugla, London, Pittsburgh, Singapore