While there were numerous bookings into the key Turkish market, the transactions were made at falling prices. This led to buyers in Asia shying away from purchasing cargoes because they expected the price downtrend to continue.
- Turkey buying resumes but at lower prices
- US export prices dragged down by lower prices to Turkey
- Taiwan, Vietnam buyers expect further price downtrend
- India scrap demand to remain weak into monsoon season.
Turkish imported scrap prices were on a continual downward trend in the week to June 14 on ample supply.
Domestic steel mills booked a total of eight cargoes this week
from the United States, Canada and the Baltic Sea.
The daily index for Northern Europe-origin HMS 1&2 (80:20) scrap ended the week at $283.65 per tonne on June 14, down from $303.25 per tonne on June 7.