Small drop in Turkish steel scrap prices surprises Asian market

Slight decreases in import prices for steel scrap in Turkey in recent days have stunned market participants in Asia who had expected a larger drop.

Turkish mills had avoided purchasing steel scrap in bulk from the United States and Europe for over two weeks before returning to the market last week to buy two Baltic cargoes of heavy melting scrap 1&2 (80:20) at $296 per tonne cfr, down by just $5 per tonne compared with previously transacted levels.
Together with lower demand for scrap in Asia, weak sentiment in Turkey was a factor that pushed down prices in key Asian scrap markets in recent weeks.
Fastmarkets’ price assessment for steel scrap HMS 1&2 (80:20), cfr Vietnam dropped to $305-310 per tonne last Friday September 25, down by $15 per tonne compared with two weeks earlier.

The price assessment for steel scrap H2 export, fob main port Japan was...

Published

Lee Allen

September 29, 2020

07:35 GMT

Singapore