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
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.
MEPS - Ferrous
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Scrap Price Table
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