Ferrous scrap prices in most parts of the world were firm in the week ending on Friday November 2, with healthy demand in the key import market of Turkey supporting global prices.
But prices in Asia weakened because steel mills in Vietnam and Taiwan held back from purchasing ferrous scrap due to fierce price competition in the downstream billet and long steel markets.Turkey importsTurkish steel mills resumed their deep-sea scrap purchases on November 2 after a short break, with prices remaining firm.A Baltic Sea supplier was offering 30,000-35,000 tonnes of HMS 1&2 (95:5) at $345 per tonne on November 1, and a steel mill in the Iskenderun region booked the cargo at $342 per tonne cfr following negotiations.The same mill also booked a US cargo, comprising 20,000 tonnes of HMS 1&2 (80:20) at $341 per tonne, 5,000 tonnes of shredded at $346 per tonne and 5,000 tonnes of bonus at $351 per tonne cfr, late on Thursday.Turkish steel producers made no purchases in the deep-sea scrap market on November 1.On October 31, a steel mill in the Marmara region booked a Baltic...