WEEKLY SCRAP WRAP: Global ferrous scrap prices mostly flat; bright spots emerge in Indian, US markets [CORRECTED]

Ferrous scrap prices in most global markets were stable in the week ended Friday January 3 amid an absence of significant spot trading activity due to the year-end festivities.

  • Turkish market remains quiet.
  • United States looks forward to strong start to new year.
  • Taiwanese buyers cut bids.
  • India continues to catch up with international markets.

Turkey
Turkish imported scrap prices remained stable this past week due to illiquid spot trading caused by the year-end festive period.
Both buyers and suppliers were out of the market due to the holidays. Sentiment has also turned negative because steel mills had to lower their offer prices for semi-finished and long steel in order to secure orders in the past week.
The last transaction by Turkish participants was a Baltic Sea cargo at $303 per tonne cfr for HMS 1&2 (80:20) on December 20.
Fastmarkets' daily index for steel scrap HMS 1&2 (80:20 mix), Northern Europe origin, cfr Turkey ended the week at $298.42 per tonne on January 3, unchanged week on week.

Published

Cem Turken

Paul Lim

Carrie Bone

January 06, 2020

15:49 GMT

Mugla, Pittsburgh, Singapore, London