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Ferrous scrap losses limited by generally good demand

Worldwide – Since our previous ferrous scrap report in mid-March, prices have drifted lower in some of the key importing markets of the world – but not to a major extent. Latest cfr price indications for shipments from Europe to Turkey are US$ 345-350 per tonne for standard quality HMS I/II 80/20 scrap and US$ 350-355 for shredded. These ranges compare to, respectively, US$ 365-370 and US$ 370-375 per tonne in mid-March.

Over recent weeks, scrap buyers in Turkey have steered clear of the deep-sea market for long periods following the USA’s announcement of a 25% tariff on steel imports and a subsequent drop-off in demand for rebar.

In mid-April, for example, a deal struck by a Turkish buyer was the first in two months with a US supplier, valuing HMS I/II 80/20 scrap at around US$ 355 per tonne and shredded at US$ 360.

Compared to mid-March, ferrous scrap sales into Taiwan have been sealed at significantly lower numbers. HMS I/II 80/20 has been booked from the USA at just over US$ 330 per tonne on a cfr basis whereas more than US$ 370 was being secured five or six weeks earlier.

In India, there was no continuation of the US$ 400-plus paid for shredded scrap in March, with prices dropping by mid-April to nearer US$ 380-385 on a cfr Nhava Sheva basis.

As regards the steel market, the latest short-range outlook from the World Steel Association predicts that demand will climb 1.8% this year to slightly more than 1.616 billion tonnes and by a further 0.7% in 2019 to approaching 1.627 billion tonnes.

The full version of Recycling International’s latest ferrous market report will appear in its April/May 2018 issue.

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