Global ferrous scrap prices trended downward in the week ended Friday May 3 due to low demand and high inventories held by steel mills.
There was mixed sentiment about spot price trends. While most market participants expected a continued softening of prices, others expected prices to become firmer once holidays in Europe, Turkey, Japan and China came to an end. Weak steel markets in Turkey damp demand US to undergo more price corrections Vietnam on sidelines Taiwan expects more falls in prices.Turkey importsTurkey's spot demand remained limited in the past week, with only one deep-sea cargo heard booked from the United States. This was due to holidays in parts of Europe and Turkey on Monday and Tuesday.A steel mill in the Marmara region booked a US cargo, comprising 22,000 tonnes of HMS 1&2 (90:10) at $306 per tonne, 13,000 tonnes of shredded at $309 per tonne and 5,000 tonnes of bonus at $314 per tonne cfr on April 30. The cargo was scheduled to be shipped in the first half of June.The weak domestic...