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Global Steel & Scrap Outlook

Scrap prices weaken further on lack of buying interest: TSI

September 20, 2016 - By Henry Cooke in London

Global Steel & Scrap Outlook

Scrap prices weaken further on lack of buying interest: TSI

September 20, 2016 - By Henry Cooke in London

Scrap prices weakened further recently in Turkey, the USA and other markets tracked by The Steel Index. In its report for the week ended September 16, TSI said, however, prices in India remained stable.

For Turkish imports of heavy melting scrap 1&2 (80:20), the weekly average of TSI’s daily reference prices declined by $3/metric ton to $221/mt CFR Iskenderun port. This left the price down by 2.2% over the last four weeks. Trading was sparse because of the Eid holiday, and steel mills are expected to begin buying again before the end of the month.

TSI’s index for shredded scrap in the US Midwest dropped by $1/long ton to $220/lt delivered mill last week. The market is seeing the build-up of a supply overhang which is expected to put further downward pressure on prices in October. There is talk of prices dropping by some $10/lt next month as hot rolled coil prices have turned down and a number of mills are closed for maintenance, TSI commented.

Taiwan’s prices for imported containerized 80:20 dropped last week by US$5/mt to US$205/mt CFR Taiwan port, TSI said. The price has now fallen by more than 6% in the last four weeks. Steelmakers were holding back from buying imported ISRI-grade scrap as stocks were at a healthy level and their outlook for the domestic steel market was not positive.

Analysis continues below...

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Prices for containerized shredded scrap in the Indian import market were stable last week at $236/mt CFR west coast port. This was on the back of increases in prices for domestically-produced sponge iron and billet.

TSI is a unit of S&P Global Platts. Readers wishing to subscribe to its full set of reference prices can do so on its website

Platts analyzes other steel and scrap products in this feature:

Scrap | HRC | Rebar | Semi-finished | News

Next commentary: Asian HRC declines on lower offers, bids

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