WEEKLY SCRAP WRAP: Turkish holidays mean thin trading in global markets

Major holidays in Turkey resulted in thin spot liquidity in the global scrap markets in the week ended Friday November 1, with US exporters seeing limited sales to the major import market.

But prices in Asia have surged following those in the rest of the world, with Vietnamese buyers accepting higher prices. Taiwanese demand eased slightly after the flurry of purchasing activity last week. Turkey market quiet on major holidays US sees limited export liquidity Vietnam prices surge in line with global prices Taiwan demand eases India prices up for fourth consecutive week. Turkey Turkish buyers were out of the market for most of the week, due to holidays on October 28 and 29. There was only one transaction heard to Turkey in the past week, when a European cargo sold on October 30 at $248 per tonne cfr for HMS 1&2 (80:20). The rapid increase in Turkish import prices in the past two weeks befuddled some market participants, who did not expect prices to climb so fast in the face of the weak downstream steel markets. Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix),...

Published

Paul Lim

Carrie Bone

November 01, 2019

18:51 GMT

London, Pittsburgh, Singapore