May: A good month for US, Turkish, Asian Scrap Markets

Published: May 19, 2017 10:22 (GMT+8)
Sentiment in the US Scrap market is positive for May. The Trump ad-ministration seems to have put in a solid base for continued growth of the commodities sector, according to The Steel Index.

UNITED STATES May 18 2017 10:42 PM

NEW YORK (Scrap Register): Sentiment in the US Scrap market is positive for May. The Trump ad-ministration seems to have put in a solid base for continued growth of the commodities sector, according to The Steel Index.

This, along with the Turkish market firming up, and demand improving, means most are expecting to see prices rise during the May buy week, or at worst move sideways.

Sentiment for scrap prices in most markets has been rather bullish for May. The start of May has already seen a huge volume of trading into Turkey, and with the political situation in the country seeming settled, many people expect to see prices continue to firm.

The Taiwanese and Asia markets have taken a battering, with the rumors of Chinese scrap exports responsible for a large part of this. Some have expressed doubts however on the validity of these rumors, or if the exports will be in a large enough volume to matter.

The 40% tariff levied on exports by the Chinese Government is certainly a huge hurdle to anyone who is looking to bring material out of the country. Being China however, no-one is quite sure how this one will play out.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
China's Secondary Aluminum Alloy Ingot Inventory Down 125 MT to 4,936 MT on Nov 4
2 hours ago
China's Secondary Aluminum Alloy Ingot Inventory Down 125 MT to 4,936 MT on Nov 4
Read More
China's Secondary Aluminum Alloy Ingot Inventory Down 125 MT to 4,936 MT on Nov 4
China's Secondary Aluminum Alloy Ingot Inventory Down 125 MT to 4,936 MT on Nov 4
[SMM Aluminum Flash] On November 4, SMM statistics showed that the daily inventory of secondary aluminum alloy ingots across the three major consumption regions in China stood at 4,936 mt, down 125 mt from the previous trading day.
2 hours ago
[SMM Steel] India Domestic Steel Prices Soften on Weak Demand
19 hours ago
[SMM Steel] India Domestic Steel Prices Soften on Weak Demand
Read More
[SMM Steel] India Domestic Steel Prices Soften on Weak Demand
[SMM Steel] India Domestic Steel Prices Soften on Weak Demand
[India Domestic] India’s domestic steel and scrap prices mostly declined on Nov 3. Buying activity stayed weak amid slow demand and limited trading interest. Market activity is likely to pick up post Diwali festival. Raipur rebar down 3 USD/tonne (300 INR/tonne) to 520 USD/tonne (49,300 INR/tonne) EXW Raipur. Mumbai Rebar unchanged 547 USD/tonne (51,900 INR/tonne) EXW Mumbai. Ludhiana ingot down 1 USD/tonne (100 INR/tonne) to 489s USD/tonne (46,300 INR/tonne) EXW Ludhiana. Raipur billet declined 2 USD/tonne (200 INR/tonne) to 443 USD/tonne (42,000 INR/tonne) EXW Raipur. Raipur PDRI sponge iron flat 291 USD/tonne (27,600 INR/tonne) EXW Raipur. Mandi HMS 1&2 (80:20) down 3 USD/tonne (300 INR/tonne) to 383 USD/tonne (36,300 INR/tonne) delivered Mandi.
19 hours ago
Aluminum Alloy Prices Slip, Futures and Spot Markets Show Weakness
21 hours ago
Aluminum Alloy Prices Slip, Futures and Spot Markets Show Weakness
Read More
Aluminum Alloy Prices Slip, Futures and Spot Markets Show Weakness
Aluminum Alloy Prices Slip, Futures and Spot Markets Show Weakness
[SMM Aluminum Alloy Daily Review] Futures: The most-traded AD2701 cast aluminum alloy contract opened at 22,870 yuan/mt today, with the opening price marking the day's high. It then drifted lower, closing at 22,645 yuan/mt in the morning session, down 95 yuan/mt or 0.42% from yesterday's settlement price. Spot: The ADC12 market showed overall weakness today. Wait-and-see sentiment remains strong in the ADC12 market, and it is expected to consolidate on a subdued note within a narrow range in the short term. Attention should be paid to aluminum price trends and actual downstream purchasing.
21 hours ago