Global ferrous scrap prices across all key markets surged during the week to Friday July 24, with the momentum showing no sign of easing, according to market sources.
Turkey continues to book more deep-sea cargoes United States prices move up on Turkish buying Vietnam scrap gets swept up in global increase Taiwan fails to halt price increases India sees improvement on price despite weak sentiment Turkey
Turkey booked eight deep-sea cargoes, totaling almost 250,000 tonnes, from the US and the Baltic Sea at increasing prices across the trading week.
The upward movement in Turkey's scrap prices was driven by firm demand and improving iron ore prices, which has boosted sentiment globally, with other scrap markets also being pushed higher.
Pricing historySteel scrap HMS 1&2 (80:20 mix), Northern Europe origin, cfr TurkeySteel scrap HMS 1&2 (80:20), US origin, cfr TurkeyUS
US ferrous scrap export prices were also higher this week following a number of sales to Turkey.
Pricing historySteel scrap HMS 1&2 (80:20), export index, fob New YorkSteel scrap shredded scrap, export index, fob New YorkSteel scrap, HMS 1&2 (80:20), export index, fob Los AngelesVietnam
The price of
scrap imported into Vietnam surged in the week to Friday in line with the increases seen in other parts of the world.
Pricing historySteel scrap, HMS 1&2 (80:20), cfr VietnamTaiwan
Taiwan reported a continued
increase in scrap prices over the week despite buyers attempts to halt these increases.
Pricing historySteel scrap, HMS 1&2 (80:20 mix), US material import, cfr main port TaiwanIndia
India reported
higher scrap prices this week despite market expectations for demand to remain subdued until later in the year.
Pricing historySteel scrap, shredded, index, import, cfr Nhava Sheva, India