Steel Market Update asked one of our Asian scrap sources to provide us some insight into the scrap export markets this week. Here is what he had to say:

Written by: Damon Sun, Daido International

There definitely was a half week of confusion based on the equity markets.

Korea has backed off some, might be due to Fx rates and more concentration on Japan scrap. However, again psychology has shifted to higher pricing in the future. Bulk cargoes to Far East have hit $500/mt and $505 to SE Asia with the $500 being the more recent number. Demand has picked up in SE Asia with Taiwan buying in anticipation of full production schedule in mid September. Nothing really to report except demand on finished is a bit better with exception of Hot Rolled Coil. Prices are up $10 from last and still think we are on an uptrend market of likely up 5 per week into September.

Turkey may not be as influential next few weeks as the export rebar prices still fluctuating (haven’t found equilibrium yet).