WEEKLY SCRAP WRAP: Global scrap prices jump on higher demand

Rising imported ferrous scrap prices in Turkey provided upward momentum to global scrap prices during the working week ended Friday February 21, with prices in most major import destinations surging due to the boost in demand.

  • Turkish import scrap prices rise on buying spree
  • US export scrap prices push upward on fresh Turkish deals
  • Taiwan import scrap prices surge on higher freight costs, Vietnam prices stable
  • Indian import scrap prices increase on Turkish price uptrend.

Turkey
Turkish ferrous scrap import prices surged during the working week ended February 21 after its steelmakers went on a buying spree for March-shipment cargoes.
Turkish steelmakers booked eight cargoes totaling almost 250,000 tonnes of scrap last week. Four cargoes were booked from the Baltic Sea at $276-279 per tonne cfr, two from the United States at $280-282.50 per tonne cfr and two from Europe at $276-284 per tonne cfr.

The daily index for steel scrap HMS 1&2 (80:20 mix), Northern Europe origin, cfr Turkey, ended the week at $276.27 per tonne on February 21, up by 3% from $268.17 per tonne on February 17.
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Published

Cem Turken

Mei Ling Toh

Paul Lim

Carrie Bone

February 24, 2020

15:50 GMT

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