WEEKLY SCRAP WRAP: Global scrap markets follow Turkey's move downward

Global ferrous scrap prices continued to move down across all the major scrap markets during the week ended Friday September 13, with buyers postponing buying activity in the expectation of securing lower prices after prices fell in Turkey, turning worldwide sentiment negative.

Fresh Turkey bookings continue downward price trend US prices fall on recent cargoes Taiwan, Vietnam prices down on weak trading Prices down in India in fresh trading. Turkey Turkish steels mills purchased just two cargoes this week - one late on Monday, sending prices downward, before another cargo on Friday recovered less than $1 per tonne. The daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, ended the week at $236.40 per tonne on September 13, down from $243.63 per tonne on September 9. The daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, was $243.30 per tonne on September 13, down from $250.53 per tonne on Monday. United States The US found new destinations for its East Coast scrap cargoes in the week to September 11, avoiding the volatile Turkish market and instead securing sales in Saudi Arabia and Switzerland, albeit at lower prices. An East Coast shipper...

Published

Cem Turken

Lisa Gordon

Paul Lim

Carrie Bone

September 13, 2019

21:02 GMT

London