Global – Despite the feast-and-famine pattern of sales into the key Turkish market in August, ferrous scrap prices have shown widespread resilience over recent weeks as bookings confirmed a consolidation of late-July gains, partly as a reflection of an increase in shipping freight rates.
Latest cfr price indications for shipments from Europe to Turkey include US$ 380-385 per tonne for standard quality HMS I/II 80/20 scrap and US$ 385-390 for shredded.
By the end of the penultimate week of August, UK and Northern European suppliers into Turkey were obtaining around US$ 385 per tonne for HMS I/II 80/20 and US$ 390 for shredded while some US sellers were achieving as much as US$ 392 for shredded scrap. In the final week of the month, however, the Turkish market once again paused for breath.
The continuing weakness in international prices for iron ore have helped to make this a bumper year for Chinese imports of the raw material, with the January-July total of 539.6 million tonnes representing an increase of more than 18% when compared to the same period last year.
Meanwhile, leading steelmaker and scrap consumer ArcelorMittal has reiterated its belief that global apparent steel consumption will increase by between 3% and 3.5% this year, including 3-4% growth in Europe and 5-6% in the USA. Steel demand growth in China, meanwhile, is predicted to be between 3% and 3.5% for 2014 as a whole.
*The full version of Recycling International’s latest ferrous market analysis will appear in its September 2014 issue.
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