Economy
CRU: Turkish Scrap Import Prices See Weekly Gains
Written by Yusu Mao
October 9, 2022
By CRU Research Analyst Yusu Mao, from CRU’s Steelmaking Raw Materials Monitor
Turkish scrap prices rebounded on a fresh deal last week, for the first time since the beginning of September. Our assessment for HMS 1/2 80:20 rose to $365 per ton CFR, up by $21 per ton week-on-week (WoW) but down by $31 per ton month-on-month (MoM).
The main reason for the price increase is still unclear, as reported by market contacts. There may be two possible reasons. Firstly, some restocking demand for scrap may have come through, as stock levels gradually run low despite production cutbacks. Nevertheless, buying interest for Turkish longs products in the export market remains weak while mills’ offers are perceived to be too high. Secondly, some regional sellers may have lifted scrap offers given constrained supply.
Asian scrap markets were quiet last week, with price offers staying unchanged at $405 per ton CFR Vietnam. Finished steel demand continued to be slow in the Far East market.
Outlook: Limited Upside for Turkish Scrap Prices
Scrap prices may pick up because of restocking demand. However, the potential upside is limited, unless there is a meaningful recovery in finished steel demand. Finished steel suppliers have raised their longs prices beyond current workable price levels due to high scrap and energy costs, which may discourage buying, thereby impacting demand for both finished longs and scrap.
This article was originally published on ct. 7 by CRU, SMU’s parent company.
Request more information about this topic.
Learn more about CRU’s services at www.crugroup.com
Yusu Mao
Read more from Yusu MaoLatest in Economy
Architecture billings flat in October after months of contraction
Architecture firms reported stable billings in October, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek. This follows 20 months of contracting business conditions.
Trump taps Lutnick to be Commerce Secretary
President-elect Donald Trump has named Wall Street veteran Howard Lutnick as the new US Secretary of Commerce.
New York state manufacturing activity ramps up to multi-year high
New York state’s manufacturing sector saw substantial recovery in November, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.
CRU: Dollar and bond yields rise, metal prices fall as Trump wins election
Donald Trump has won the US presidential election. The Republican party has re-taken control of the Senate. Votes are still being counted in many tight congressional races. But based on results so far, the Republicans seem likely to maintain control of the House of Representatives. If confirmed, this will give Trump considerable scope to pass legislation pursuing his agenda. What this means for US policy is not immediately obvious. Trump will not be inaugurated until Jan. 20. In the coming weeks and months, he will begin to assemble his cabinet, which may give a clearer signal on his policy priorities and approaches. Based on statements he made during the presidential campaign, we have set out the likely direction of his economic policy here and green policy here.
ISM: Manufacturing index fell in Oct to lowest point of ’24
Domestic manufacturing contracted for the seventh straight month in October, according to the latest report from the Institute for Supply Management (ISM). This marks the 23rd time in the last 24 months that it has been in contraction.