WEEKLY SCRAP WRAP: Prices rebound in major markets, questions over sustainability

Ferrous scrap prices strengthened in the latest US sales to Turkey during the week to Friday October 11, but market participants were unsure about a recovery as demand for finished steel was still limited in most markets.

Increasing political tensions in Turkey keep mills away from scrap markets  US export prices improve in the East Coast market with sales to Turkey  Ferrous scrap prices rebound on tighter supply in Asia  Prices inch up in India on improved sentiment   Turkey Turkish steel mills fell quiet in the deep-sea scrap markets later in the week following political developments that have raised concerns in the market. Only one deep-sea cargo was sold during the week ending October 11, which raised the daily scrap indices by more than $6 per tonne on October 9. But the market fell quiet following news of a Turkish military operation in northern Syria late on Wednesday October 9. Some market participants had been expecting the US to consider replacing its Section 232 import tariffs, which affect Turkey-origin material, with a regime of quotas. This is now seen as unlikely because of the...

Published

Cem Turken

Paul Lim

Carrie Bone

October 11, 2019

18:46 GMT

Mugla