Buy-side sentiment in key Asian steel scrap markets has been hurt by news that Chinese trading firms were offering Southeast Asian buyers steel billet which was already imported into China, together with recent falls in the scrap price in Turkey, sources said on Thursday October 28.
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Bangladesh
Bangladeshi steel scrap buyers have shown less interest in booking material in recent days following the market's sharp rise last week.
"The Turkish market is slowing down, and sellers who were planning to raise their prices have started to soften them a bit. We buyers want to sit and watch the market now," a Bangladeshi steelmaker source told Fastmarkets.
He added that the exporting of billets which had already arrived at Chinese ports led him to believe that prices would fall further.
"The fact is that people here are not going to choose to buy at a high price now. The rainy season is not over, and has gone on...