Scrap Price Weakens Further and Indian Prices Remain Stable

UNITED STATES September 26 2016 3:51 PM

NEW YORK (Scrap Register): Prices of scrap weakened further in Turkey, USA and other markets due to lack of buying interest, according to the report of Steel Index. But the scrap prices in India remains stable, they added.

The price of containerized shredded scrap remained stable in India due to increases in prices for domestically-produced sponge iron and billet at $236/mt CFR west coast port, according to the Platts.

Shredded scrap index of TSI in the US Midwest dropped by $1/long ton to $220/lt last week and prices are expected to be under pressure in October as the market is seeing the build-up of a supply overhang.

The weekly average of TSI’s daily reference prices declined for Turkish imports of heavy melting scrap 1&2 (80:20) by $3/metric ton to $221/mt CFR Iskenderun port which has left the price down by 2.2% over the last four weeks.

Prices for Taiwan’s imported containerized 80:20 dropped last week by US$5/mt to US$205/mt CFR Taiwan port, as per TSI and the price has now fallen by more than 6% in the last four weeks.