WEEKLY SCRAP WRAP: Global markets pressured by low demand, bearish sentiment

Global scrap prices trended downward during the week ended Friday August 23, negatively affected by lackluster demand with buyers taking a pessimistic outlook on scrap prices in the near term.

  • Turkish import prices down on tepid demand
  • US export prices flat on lack of trading
  • Asian import prices decline, buyers wait for lower prices
  • Indian prices hit new year-to-date low.

Turkey
Turkish mills finally broke the silence in the deep-sea market and booked two European cargoes at $274-275 per tonne cfr for HMS 1&2 (80:20) on August 22 and 23.
Prices for the two cargoes were down from the previous European cargo traded to Turkey, at a composite price of $279 per tonne cfr on August 12. This cargo contained HMS 1&2 (75:25), shredded scrap and plate and structural (P&S) scrap.

The daily index for steel scrap, HMS 1&2 (80:20 mix), Northern Europe origin, cfr Turkey,...

Published

Cem Turken

Mei Ling Toh

Lisa Gordon

Paul Lim

Carrie Bone

August 23, 2019

18:50 GMT

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