WEEKLY SCRAP WRAP: Bullish Asian prices outpace rest of world [CORRECTED]

Movements in the ferrous scrap prices around the world were mixed in the week ended Friday July 12, with prices in Asia supported by steady demand and higher offers while prices in the United States and Turkey fell on thin spot trading activity.

Turkey sees limited import trades US East Coast exporters see bearish demand Asian import prices up but downtrends possible Monsoon in India reduces spot demand. Turkey Turkish steel producers bought only a single import cargo this week amid soft downstream markets for long steel and billet. A steel mill in the Iskenderun region booked a UK-origin cargo at $288 per tonne cfr for HMS 1&2 (80:20) on July 9. There were no other transactions heard concluded. There was market chatter that a US-origin cargo was transacted at $294 per tonne cfr for HMS 1&2 (80:20), $299 per tonne cfr for shredded and $304 per tonne cfr for bonus scrap. But this could not be confirmed at the time of publication. The daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, ended the week at $282.08 per tonne on July 12, down from $296.18 per tonne on July 5. The daily...

Published

Cem Turken

Lisa Gordon

Paul Lim

Carrie Bone

July 12, 2019

20:18 GMT

Mugla, Pittsburgh, London, Singapore