WEEKLY SCRAP WRAP: Prices continue downtrend on weak global sentiment

Ferrous scrap prices continued on a downtrend in the week ended Friday October 4 on pervasive weak sentiment throughout key markets. The global demand for downstream finished steel remained poor, and steel mills continued to buy scrap cargoes at lower prices.

Turkey prices drop toward end of week US sellers offload two cargoes to Turkey Asian buyers get cargoes via bargain-hunting India import prices more stable. Turkey Import prices did not drop as rapidly as in previous weeks, leading some market participants to feel that prices were bottoming out. Steel mills in the country booked six deep-sea cargoes totaling at least 180,000 tonnes this week. The daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, ended the week at $219.88 per tonne on October 4, down by $2.42 per tonne from $222.30 per tonne on September 30. The daily index for steel scrap, HMS 1&2...

Published

Cem Turken

Lisa Gordon

Paul Lim

Carrie Bone

October 04, 2019

19:12 GMT

Mugla, London, Singapore, Pittsburgh