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Markets looking to re-gather momentum

Global – When compared to the gyrations witnessed earlier in the year, ferrous scrap price swings have been at a relative premium in the month of August.

With many of its mills reporting difficult conditions for finished steel sales, the leading international market of Turkey was a largely reluctant scrap buyer for much of the period. Indeed, barely a handful of cargoes was traded between Europe and Turkey during the first half of August, with bids for material notable only by their almost complete absence.

However, September bookings have gathered pace in late August, with US suppliers obtaining around US$ 227-228 per tonne for HMS I/II 80/20 scrap and some US$ 5 more for shredded while their counterparts in Europe have been settling at around US$ 222-223 for the 80/20 mix.

Latest statistics from the World Steel Association reveal that Asia’s top four producers all churned out more crude steel in July this year than in the corresponding month of 2015: China produced 66.807 million tonnes for a year-on-year increase of 2.6%; a considerable 8.1% hike to 8.082 million tonnes was recorded by India; while Japan and South Korea registered gains of, respectively, 0.5% to 8.886 million tonnes and 1.5% to 6.009 million tonnes.

Worldwide, steelmaking capacity utilisation was unchanged from July last year at 68.3% and was 3.7 percentage points lower than in June 2016.

*The full version of Recycling International’s latest ferrous market report will appear in its September issue.

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