Turkish mills keep purchases limited
amid weak steel markets
• US export market to offer little relief in August trade
• China import prices gain ground amid stronger ferrous futures
• Import activity thin in Vietnam due to bid-offer gap
• Taiwan import prices weaker, sentiment bearish
• India’s import market quiet on sluggish demand.
Turkey
Turkish deep-sea steel scrap import prices tumbled early in the
week to July 29, with buyers booking several cargoes from the United
States at softer prices and expecting further price declines,
according to sources.
Turkish buyers then stayed on the market sidelines following the
price downturn later in the week.
Due to recent poor demand for finished steel, Turkish steel
mills have been limiting their deep-sea scrap bookings, putting downward
pressure on scrap prices.
Pricing history
steel scrap HMS 1&2 (80:20 mix), Northern
Europe origin, cfr Turkey.
steel scrap HMS 1&2 (80:20), US origin, cfr
Turkey.
United States
Expectations of a drop in US scrap export prices were realized
late last week, removing a potential source of support for cut and secondary
scrap prices during the domestic trade in August. Market participants were
expecting more drops in scrap prices into August, according to sources.
Pricing history
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.
Vietnam
Spot prices for imports of deep-sea steel scrap in bulk into
Vietnam dropped during the week to July 29 amid thin trading, with a bid-offer
gap and bearish sentiment dominating the global scrap markets, according to
sources.
Slow rebar sales and production cuts were both weighing down the
market mood for scrap in Vietnam.
Pricing history
steel scrap, HMS 1&2 (80:20), cfr Vietnam.
China
Stronger futures markets in China led to a rise in bid prices
for scrap imports but concluded deals were still thin on the ground, sources
told Fastmarkets.
Pricing history
steel scrap, index, heavy recycled steel materials, cfr north
China.
steel scrap, index, heavy recycled steel materials, cfr east China.
Taiwan
Spot prices for steel scrap in Taiwan softened in the week to
Friday, with market participants expecting more downtrend to come.
Electricity rationing in summer, slow rebar sales, and the
availability of lower-cost imported billet were all factors that have been
weighing down sentiment in the Taiwan scrap market, sources told Fastmarkets.