WEEKLY SCRAP WRAP: Limited trading hurts prices in most global markets

Ferrous scrap prices in the major trading regions other than the United States mostly moved downward during the week from Monday August 5 to Friday August 9. Limited demand for finished steel in Turkey and India, and worsening political tensions in Asia, created the conditions for prices to weaken, Fastmarkets heard.

Turkish mills mostly stay out of spot markets, seeking lower prices US scrap export prices stable Escalating political tensions depress prices Suppliers cut offers to encourage business in India. Turkey Turkish steel mills booked only one cargo over the week ended Friday, and mostly stayed out of the deep-sea markets because of the weak demand for finished long steel and billet. The upcoming Eid al-Adha religious holiday in the Muslim world, August 11-14, also reduced buying interest because the Turkish markets will be closed. The daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, ended the week at $283.17 per tonne on August 9, down by $3.72 per tonne from $286.89 per tonne on August 2. The corresponding daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, was $290.35 per tonne on the same day, up by $3.71 per tonne from $294.06 per...

Published

Cem Turken

Declan Conway

Paul Lim

August 09, 2019

19:50 GMT

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