Global ferrous scrap prices continued to move downward in the week ending Friday November 23, with persistently weak finished steel sales and fears about renewed Chinese exports.
Cargoes booked in Turkey were at lower prices due to fears of increased volumes of rebar being exported from China. The market in India was dragged down by the negative sentiment in Turkey, with prices falling by $8 per tonne, and Taiwan also saw a decrease due to low demand.Prices were unchanged in Vietnam due to a lack of trading, while prices in the United States were flat ahead of the Thanksgiving holiday on November 22-23.Turkey importTurkish mills were quiet for the first half of the week, due to sluggish demand for their finished steel products and fears of renewed product outflows from China.A steel mill broke the silence on Thursday, booking a European cargo, comprising 20,000 tonnes of HMS 1&2 (75:25), 10,000 tonnes of HMS 1 and 5,000 tonnes of busheling at an average price of $325 per tonne cfr.A further two cargoes came to light on Friday.A steel...