- Turkish mills book handful of cargoes for requirements
- US sees limited export transactions
- China demand weak amid more production cuts
- Vietnam spot liquidity limited due to holidays
- Taiwan looks toward Japanese scrap
- Indian prices steady in recent trades.
Turkish steel mills booked a handful of scrap cargoes this week, but strictly to cover requirements
amid poor sales of finished steel in the export and domestic markets.
Buyers were heard bidding as much as $10 per tonne lower than previous transactions, but did not manage to book any materials.
A short working week, due to public holidays in Turkey and the UK on August 30, also limited spot trading activity.
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 US saw limited transactions to key import markets
in Turkey and Asia this week.
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
More production cuts announced in various parts of China have added further uncertainty to market sentiment
, with buyers continuing to bid at levels far below offers for Japanese HS scrap.
steel scrap, index, heavy recycled steel materials, cfr east China
Spot liquidity was limited by a four-day holiday starting from September 2
. The worsening Covid-19 pandemic also damped import demand.
steel scrap, HMS 1&2 (80:20), cfr Vietnam
Buyers of containerized scrap were increasingly looking toward bulk supplies of Japanese H1&H2 (50:50)
to fill a supply gap.
steel scrap, HMS 1&2 (80:20 mix), US material import, cfr main port Taiwan
Prices for shredded steel scrap into India remained steady
after trading activity was resumed.
steel scrap, shredded, index, import, cfr Nhava Sheva, India