WEEKLY SCRAP WRAP: Prices crash further amid Covid-19 outbreak

Global ferrous scrap prices continued to fall sharply in major markets during the working week from Monday March 23 to Friday March 27, because of the worsening Covid-19 pandemic.

  • Turkish import prices slump further
  • Buying prices down at US East Coast docks
  • Taiwan import price at three-year low
  • Indian market collapses on lockdown order; price drops $44 per tonne.

Turkey
Prices in the world’s largest scrap import market, Turkey, plunged once again last week amid cuts in production, plant closures and weak steel trade resulting from the global spread of the coronavirus.
A steel mill in the Iskenderun region booked a UK cargo of 15,000 tonnes of HMS 1&2 (80:20) at $226 per tonne cfr, market participants reported on March 24.
As a result of that deal, the daily scrap indices went down by $17.08 per tonne.
The daily scrap indices have now fallen by $23.90 per tonne since March 18.

Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20), North Europe origin, cfr Turkey, ended last week at $224.55 per tonne,...

Published

Cem Turken

Paul Lim

Carrie Bone

March 30, 2020

14:50 GMT

Mugla, Singapore, Pittsburgh, London