Global ferrous scrap prices continued to trend downward during the working week from Monday November 26 to Friday November 30, due to poor demand and lackluster sales of finished steel.
Turkish scrap import prices and US export scrap prices fell due to weak market sentiment in Asia, while persistently poor demand continued to weigh on Asian scrap import prices. Indian import prices also slipped on limited activity.Turkey importsTurkish steelmakers remained largely out of the market during the week ended November 30, booking a single cargo on November 23 for December delivery.A steel mill in the Iskenderun region booked a UK cargo, comprising 14,000 tonnes of HMS 1&2 (80:20) at $320 per tonne and 6,000 tonnes of shredded at $330 per tonne cfr.Sluggish demand for finished steel and the downturn in Asian steel prices have suppressed Turkey's appetite for scrap. Market participants said that Turkish mills were not expected to return to the market any time soon."The collapse in [steel prices in] Asia has continued, which is sending steel and scrap prices down in Turkey, [and] it seems prices will fall...