February 2022

Global logistical problems to further intensify amid conflict in Ukraine, sources say

Struggles with commodity logistics are likely to worsen over the coming weeks in the aftermath of Russia’s invasion of Ukraine last week, market participants have told Fastmarkets.

Turkish mills set to book more deep-sea scrap for April

Turkish steel producers made no new deep-sea scrap deals on Monday February 28, but are expected to book more cargoes for April shipments, market participants told Fastmarkets.

Japan steelmakers to prioritize decarbonization amid rising steel output

The Japanese steel industry supports the country’s ambitious target of achieving carbon neutrality by 2050 and will attempt to achieve zero-carbon steelmaking by exploring multiple solutions, JFE Steel’s Dr Shiro Watakabe said on Thursday February 24 in an online webinar.

Turkish domestic steel scrap prices remain strong

Turkish domestic steel scrap prices have remained firm over the past week thanks to rising imported scrap costs, market participants told Fastmarkets on Monday February 28.

Bangladesh steel mills call for cut to scrap import duty, increase in power supplies

The Bangladesh Steel Manufacturers Association (BSMA) has urged the government to reduce steel scrap import duties and value added tax (VAT) on steel products to ease cost pressures on steel mills in the country.

Steel industry decarbonization drive could lead to surge in demand for electricity

The ongoing decarbonization drive in the global steel industry is likely to lead to a surge in demand for electricity, sources told Fastmarkets.

Singapore rebar import prices edge higher amid escalating Ukraine-Russia conflict

Spot prices for imported rebar edged higher during the week to Monday February 28 in response to Russia’s invasion of Ukraine, both of which are major steel suppliers.

US Midwest aluminium premium peaks after Russian invasion

The highly influential Midwest premium (MWP) for primary aluminium in the United States reached a fourth record-high in the past six assessments on Friday February 25, following Russia’s invasion of Ukraine the day before.

Black Sea steel supply concerns driving more demand for Turkish billet

Disrupted steel billet flow from the Black Sea area due to supply constraints stemming from the Russia invasion of Ukraine has resulted in demand from the region's key export destinations switching to Turkish material, market sources told Fastmarkets on Friday February 25.

Global scrap prices trend up amid anticipated shortages in supply, strong demand for downstream steel

Global steel scrap markets have seen higher prices in the past week because of an expected reduction in volumes of supply out of Russia and stronger demand for downstream steel products.