WEEKLY SCRAP WRAP: Global prices head down amid ample supply

Global ferrous scrap prices were mostly on a downward trend in the week ended Friday June 14 due to ample supply from key exporters and limited demand from buyers.

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. Turkey 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. The daily index for US-origin HMS 1&2 (80:20)...

Published

Cem Turken

Paul Lim

Carrie Bone

June 14, 2019

19:48 GMT

London, Pittsburgh, Singapore, Mugla