WEEKLY SCRAP WRAP: More price drops expected amid weakening sentiment

Global ferrous scrap prices dropped again during the week to Friday March 20, with the spread of the novel coronavirus (2019-nCoV) continuing to weigh on markets and squeeze demand from steel mills.

  • Turkish import prices record midweek plunge
  • US West Coast scrap flows begin to dry up
  • Taiwan, Vietnam buyers delay bookings on expectations of further price drops
  • Indian import prices struggle amid weakening rupee

Turkey
Prices in the world’s largest scrap import market suffered a sharp drop last week after the purchase of a Canadian cargo came to light on March 18.
A steel mill in the Marmara region booked a Canadian cargo comprising 18,000 tonnes of heavy melting scrap 1&2 (90:10), 20,000 tonnes of shredded scrap and 12,000 tonnes of plate and structural (P&S) scrap at an average price of $255 per tonne cfr.
The sale led to a day-on-day reduction of $23.90 per tonne in Fastmarkets’ daily scrap indices for steel scrap imported to Turkey on Wednesday. No further bookings were made after the Canada cargo.

“The scrap price...

Published

Cem Turken

Lisa Gordon

Lee Allen

Paul Lim

Carrie Bone

March 23, 2020

09:00 GMT

Singapore, Mugla, Pittsburgh, London