Turkish steelmakers returned to the deep-sea ferrous scrap market picking up a cargo at stable prices, while US ferrous scrap exporters continue to enjoy bulk sales at strong numbers to emerging markets.
On the other hand, Taiwan's and India's import scrap prices dipped on limited trading, due to buyers in both markets remaining conservative in the face of lower Chinese steel prices and uncertainty over the near-term direction of the global steel market. Turkey imports After a buying hiatus that lasted almost 20 days, a Turkish mill finally broke the silence on Wednesday March 28. A cargo containing 5,000 tonnes of HMS 1&2 (75:25), 20,000 tonnes of shredded scrap, and 5,000 tonnes of bonus-grade scrap at an average price of $375 per tonne cfr was sold by a European supplier to a Turkish mill. Prices are similar to the last cargo booking done before the market went quiet in early March.Market participants were surprised by the news of the European cargo because they were expecting a weakening in prices. "I wasn't expecting prices to remain firm while Turkish rebar export prices were weakening....