Ferrous scrap prices in the bellwether Turkish import market fell by more than $15 per tonne on Thursday amid poor rebar sales and lower scrap collection prices quoted by a major exporter in the United States.
The decline in scrap prices could result in billet buyers holding off from any purchasing activity while waiting for prices to stabilize - as long as they do not urgently need material - one trader in the Philippines said.
There needs to be a price correction in the steel billet market because such prices are no longer justified with weakening ferrous scrap and rebar prices, an Indian trader said.
Fastmarkets’ daily price assessment for steel billet, import, cfr Southeast Asia, which mainly looks at 120-150mm 5sp grade billet sold into Manila, was $442-443 per tonne on January 17, down $6-7 per tonne from $448-450 per tonne a day ago.
The assessment was in the range of $440-445...