Global ferrous scrap prices plunged worldwide over the week ended Friday September 6, with buyers expecting more price falls in the near term after key Turkish mills bought cargoes at prices lower than the latest previous transactions.
Key buyers in Turkey, Vietnam and South Korea were looking for bargains and bought cheap imported cargoes, but other market participants have remained in wait-and-see positions.
Turkey buys US and UK scrap at lower prices
US sellers offload cargoes at cut rates
South Korea, Vietnam book import cargoes
No transactions heard in India due to weak demand.
Turkey
Turkish steel producers resumed their purchasing activity from September 4 after staying away from the spot market for slightly more than a week.
They bought four cargoes from the United States and the UK at prices that fell over the course of the week due to reduced domestic operating rates. The total extent of the price falls was close to $19 per tonne week on week.
On September 5, a steel mill in the Iskenderun region booked a Baltic Sea-origin cargo comprising 25,000 tonnes of HMS 1&2 (80:20) at $247 per tonne and 5,000 tonnes of…