WEEKLY SCRAP WRAP: Global prices continue to fall on pandemic effects

Global ferrous scrap prices continued to move downward in the week ended Friday April 3, with reaction to the Covid-19 pandemic responsible for further lockdowns around the world, bringing trading to a halt in key export markets.

  • Turkish import prices plunge
  • US export market pauses
  • Taiwan import price dips on lower demand
  • Trading remains at a halt in India.

Turkey
Prices for scrap imported into Turkey fell by $23.42 per tonne on March 30 after the booking of two Baltic Sea cargoes, which were to be the only cargoes booked during the week.
This was the second time in three weeks that prices had fallen sharply due to the consequences of the pandemic on scrap markets around the world, keeping demand low and trading lower.
Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20), North Europe origin, cfr Turkey, ended last week at $200.98 per tonne, compared with $224.55 per tonne a week earlier.

The corresponding daily index for steel scrap, HMS 1&2 (80:20), US origin, cfr Turkey, was $208.10 per tonne on Friday, compared with $231.99 per tonne a week...

Published

Cem Turken

Paul Lim

Carrie Bone

April 06, 2020

13:22 GMT

Mugla, Singapore, Pittsburgh, London