A market expert commented to SteelRadar on 3 November, "Now the main issue here is the US, if they go easy, then if there is no panic in Europe, $380 could be seen".
The recent connections in Türkiye's imported scrap prices continued to support the increase. Two new scrap connections were heard the other day. The first one was that 5k short sea scrap from Romania was sold to Marmara Region at $359. Another connection was $372 for 80:20 scrap and $392 for bonus scrap from Europe to Türkiye.
The last scrap connection heard yesterday was HMS 1/2 (80:20) at $377 /mt CFR to a producer in Marmara Region.
New connections dated 10 November 2023 were heard at the following levels;
USA - Aegean Region Producer
80:20 379$
USA - Marmara Region Manufacturer
80:20 372$
Austria - Iskenderun Region Manufacturer
80:20 373$
Scrap developments in global markets since early November were as follows;
Scrap demand and prices were expected to increase after the UAW strike ended
On 2 November, scrap demand and prices were expected to increase after the UAW strike ended. The outlook for scrap trade in November remained optimistic due to the end of the United Auto Workers (UAW) strike, reduced suspensions by steel mills and strong export activity. Moreover, the end of the UAW strike was expected to increase the supply of high-quality scrap. The scrap steel price was seen likely to increase by around 5% on average this month compared to the previous month.
Türkiye's scrap imports decreased in Q1 and Q3
According to the Turkish Statistical Institute (TUIK), Türkiye imported around 1.4 million tonnes of scrap in the first nine months of this year, down 16.5% compared to the same period last year.
Taiwan's Feng Hsin announces no orders last week
According to the news dated 6 November, Feng Hsin announced last week that there were no offers for US scrap shipments. On the same day, prices of Japan's H2 scrap and US containerised scrap increased to US$365/ton and US$360/ton, respectively.
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