- Turkish steel mills purchase cargoes at lower prices
- US export market follows Turkish lead
- Vietnam reports thin trading
- Taiwanese scrap import market dips ahead of holiday
- Indian material booked at lower prices.
Turkish steel mills were largely out of the deep-sea markets for most of this week, until Thursday when two cargoes were booked at lower prices
than in the most-recent previous deals.
This was followed by another cargo traded against a lower price on Friday.
Market participants had been expecting the price downturn because Turkish steelmakers have been struggling to sell long steel products, due to limited demand.
steel scrap HMS 1&2 (80:20 mix), Northern Europe origin, cfr Turkey
steel scrap HMS 1&2 (80:20), US origin, cfr Turkey
At the time of Fastmarket’s report on October 7, the United States’ ferrous scrap export market was still quiet
, with new no cargo deals reported, while recyclers operating at the docks adjusted their buying prices further amid expectations of lower-priced sales.
The next day, however, Turkey returned to the markets and prices did fall, as expected.
steel scrap HMS 1&2 (80:20), export index, fob New York
steel scrap shredded scrap, export index, fob New York
steel scrap, HMS 1&2 (80:20), export index, fob Los Angeles
Prices for HMS material into Vietnam narrowed upward this week
, despite thin activity with buyers taking a wait-and-see approach.
steel scrap, HMS 1&2 (80:20), cfr Vietnam
Prices in Taiwan moved downward this week on lower prices being agreed for cargoes ahead of a pause in trading for a national holiday
steel scrap, HMS 1&2 (80:20 mix), US material import, cfr main port Taiwan
On the Indian scrap market, prices moved down following a flurry of trading
steel scrap, shredded, index, import, cfr Nhava Sheva, India
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