Ferrous scrap prices around the world fell over the week ended Friday August 30 on thin buying interest from end-users, which expected more price falls so were not eager to purchase materials.
Ample supply damps prices
More falls in export prices expected
Prices plunge on thin buying interest
Limited transactions on weak downstream demand.
Import prices in Turkey fell sharply week on week, with two transactions concluded for US- and Europe-origin scrap at lower prices than in the previous week.
The falling prices were due to ample supply in the region, especially from the Baltic Sea, as well as weak demand for downstream long steel products in the domestic markets. A public holiday on Friday also caused trading liquidity to thin.
A steel mill in the Marmara region booked a 42,000-tonne US cargo, comprising HMS 1&2 (80:20) at $270 per tonne and shredded at $275 per tonne cfr.
Another steel mill in the Marmara region booked a UK cargo, comprising HMS 1&2 (80:20) at $270 per tonne and bonus at $280 per tonne cfr.
These compared with the previous cargoes sold at $272.50-$276.50 per tonne cfr…