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, ended the week at $274.14 per tonne on August 23, down...

Published

Cem Turken

Mei Ling Toh

Lisa Gordon

Paul Lim

Carrie Bone

August 23, 2019

18:50 GMT

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