- Turkish mills restrict deep-sea purchases to put downward pressure on prices
- Summer slowdown hits US export market
- Covid-19 pandemic shuts down local long steel and scrap markets in Vietnam
- Domestic supply tightened by rainy season in the north and high temperatures in the south of China
- Lower prices in Turkey and limited demand weaken Taiwanese scrap values
- Tepid demand continues to push Indian scrap prices downward.
Turkish steel producers managed to secure lower prices from deep-sea suppliers
after continuing to keep their deep-sea bookings at a slow pace.
The mills had been keeping purchases as slow as possible due to the weak markets for finished steel products.
The Turkish steel mills booked five deep-sea cargoes last week.
steel scrap HMS 1&2 (80:20 mix), Northern Europe origin, cfr Turkey
steel scrap HMS 1&2 (80:20), US origin, cfr Turkey
The decline in prices for deep-sea scrap exports to Turkey was expected to continue, extending throughout the global scrap markets with the start of the traditional summer slowdown period
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
The demand for imported scrap in Vietnam was sluggish this week due to the Covid-19 pandemic
, which caused a complete shutdown in the local long steel and scrap markets.
steel scrap, HMS 1&2 (80:20), cfr Vietnam
Chinese scrap import prices remained stable despite supplies of domestic scrap being tightened
by the rainy season in the north and by high temperatures in the south.
steel scrap, heavy recycled steel materials, cfr China
Prices for containerized ferrous scrap in the Taiwan import market went down on softer sentiment
among end-users and falling prices in the Turkish import market.
steel scrap, HMS 1&2 (80:20 mix), US material import, cfr main port Taiwan
Prices for shredded imports into India fell further with demand remaining tepid
steel scrap, shredded, index, import, cfr Nhava Sheva, India
(The table accompanying this story has been updated with the correct price for steel scrap, shredded, import, cfr delivered Turkish port, which was $498.50 per tonne on July 16, not $493.50 per tonne as originally shown.)