Steel scrap prices in the principal trading regions have fallen sharply, as was expected by the majority of market participants, during the working week from Monday February 18 to Friday February 22.
The price falls followed the decrease in Turkish scrap import prices this week, which was itself the result of limited demand for rebar and billet in the country's domestic market.Prices in Taiwan managed to hold firm on strong demand, but the overall sentiment was negative in the Asian scrap markets, and prices there were also expected to follow the downward trend in Turkey.Turkey importsDemand in the Turkish scrap import market was limited, because the country could not sell much billet or rebar in the domestic or export markets.Given the previous uptick in scrap prices, which started in mid-January, Turkish steel producers expected to sell some material to Southeast Asia, if not also elsewhere. But Southeast Asian buyers did not show any buying interest and the sluggish demand in Turkey's local market exacerbated the situation, leading the prices back down.Only two deep-sea deals were heard this week.A steel mill in the...