Prices begin recovery after US reduces Turkey tariff
US export prices down on earlier Turkish sales
Taiwan prices down on lower bids; Vietnam prices stable
Indian market continues to fall on election disruption.
The continuing struggle against sluggish rebar demand in both the domestic and export markets continued this week, with producers unwilling to pay high prices for scrap and keeping their purchases slow.
The booking of several cargoes at lower prices this week pushed the daily scrap indices downward before rumors of a cut in the US import tariff for Turkey-origin steel products were heard late in the week, prompting new sales at higher prices.
On Friday, news that four more cargoes were booked late on Thursday sent prices back up, along with the indices.
The daily index for Northern Europe-origin HMS 1&2 (80:20) scrap ended the week at $285.86 on May 17, up from $282.83 per tonne on May 13.