Steel Products
CRU: Turkish Scrap Prices Stabilize Due to Limited Buying Activity
Written by Rosy Finlayson
September 5, 2023
Turkish scrap import prices have remained relatively stable over the past two weeks due to slow trade activity. This was partly due to the holiday on August 30. CRU’s latest price assessment for HMS1/2 80:20 is $368 /metric ton CFR, up $1 /metric ton week-over-week (WoW) and up $21 /metric ton month-over-month (MoM).
The holiday on August 30 was partly the reason for slow trade last week. This has also meant that Turkish finished steel prices have been flat over the past few weeks. Turkish rebar is currently priced at $580 /metric ton, while HR coil is priced at $625 /metric ton.
Meanwhile, in the Asian scrap market, prices picked up slightly in South Asia and Taiwan, China but have remained unchanged in Southeast Asia due to weak demand. Containerized scrap to Taiwan, China is up by ~$5 /metric ton to $370-375 /metric ton CFR, while offers for H2 and deep-sea bulk HMS1/2 80:20 shipments to Vietnam are stable at $390 /metric ton CFR and $400 /metric ton, respectively.
Rosy Finlayson
Read more from Rosy FinlaysonLatest in Steel Products
Active rig count declines in US, Canada
Oil and gas drilling activity slowed in the US and Canada this past week. An unfamiliar trend after both regions saw repeated gains of late.
Plate market buzzes with rumors of secret deals from mills
Carbon steel plate market participants suspect that this week’s modestly softer prices are the result of quietly negotiated prices between plate purchasers and mills.
HR Futures: Forward curve shifts lower, structure maintains
Scraping lower-quartile $800s on nearby futures is bringing limited trading ideas for CME hot-rolled coil (HRC) at present.
Nucor drops HR spot price to $865/ton
Nucor has lowered its hot-rolled (HR) spot price by another $10 per short ton (st) this week.
SMU Week in Review: Aug. 11-15
With so much happening in the news cycle, we want to make it easier for you to keep track of it all. Here are highlights of what’s happened this week and a few things to keep an eye on.