WEEKLY SCRAP WRAP: Turkey begins recovery after US tariff cut; other markets 'will follow'

The global ferrous scrap markets continued downward during the week ended Friday May 17 except in Turkey but a recovery was expected for most markets following the cut to the US import tariff on Turkey-origin steel.

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. Turkey 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. The corresponding...

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Cem Turken

Paul Lim

Carrie Bone

May 17, 2019

21:55 GMT

Mugla, London, Pittsburgh, Singapore