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Home > MEPS Steel News - 26.03.2012

FERROUS SCRAP MARKET ROUNDUP FROM MEPS

Global steelworks persevered with conservative procurement strategies this month, following the uncertainty surrounding the pricing positions for internationally traded material and low seasonal demand for finished steel products.

Chinese provincial quotations declined this month. Domestic traders report that demand for finished steel products has not picked up significantly since the end of the Lunar New Year in February. This has heightened inventory levels.

Japanese electric furnace steelmakers issued higher purchasing figures this month. Tokyo Steel Manufacturing, a bellwether for the domestic steel industry, has raised its HMS2 purchasing prices at all five subsidiaries to secure material. The upward adjustment was executed in two phases.

Russian transaction values for 3A graded material edged marginally higher in the central and Ural federal districts. There was no change in the Southern Federal District. MMK and NLMK opted to exercise restraint on their pricing, due to healthier scrap collection rates.

Effective price settlements for the three bellwether cut grades tracked in the United States increased in mid-March. Winter weather conditions hastened negotiations in the mid-west trading region. On the supply side, inventories at many broker’s yards are still lower than usual.

Turkish steelmakers acquired ferrous scrap sporadically in the last four weeks. Buying interest was unsettled by weak fundamentals and subdued demand for finished steel products. In contrast to the situation in February, West European scrap material was more attractive, following the depreciation of the Turkish lira against the US dollar.

Source: MEPS - Ferrous Scrap Review  Also see: MEPS - Scrap Price Table

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