WEEKLY SCRAP WRAP: Global scrap prices succumb to market pessimism

Global scrap prices continued to fall in all major markets during the week ended Friday September 20, under pressure from persistent negative sentiment and with market participants seeing no prospect of relief.

Turkey import prices fall further; suppliers accept lower prices US export prices down for cargoes sold off both coasts Asian import prices decline on oversupply Indian import prices down in line with Turkish price slump. Turkey Turkish steelmakers booked two deep-sea ferrous scrap cargoes in the week ended September 20, both on Wednesday, sending prices down by nearly $10 per tonne from the previous day. Two Turkish mills booked cargoes from a UK exporter at $228 per tonne cfr for HMS 1&2 (80:20). But booking activity halted following these two bulk deals, with Turkish mills continuing to seek lower prices due to weak demand for finished steel. Fastmarkets’ daily index for steel scrap HMS 1&2 (80:20 mix), Northern Europe origin, cfr Turkey, ended the week at $226.42 per tonne on September 20, down from $236.26 per tonne on September 16. The daily index...

Published

Cem Turken

Mei Ling Toh

Paul Lim

Carrie Bone

September 20, 2019

20:10 GMT

New York, Mugla, London, Pittsburgh, Singapore