NEWS CENTER

International scrap steel market steadily rising


Release time:

Sep 16,2011

Affected by the summer break and the traditional Ramadan in Turkey, the scrap market in Europe and the United States was calm in August, and prices remained stable; due to the decline in demand, the Japanese scrap market fell slightly. Demand for scrap steel increased as Turkey returned to the market after Ramadan and European and American steel mills replenished their inventories for production in September and October. However, in view of the uncertain international economic outlook, most buyers are cautious and the international scrap market is expected to rise slightly in the short term. In August, the European market was generally stable, and the German scrap market remained stable. The price of newly produced scrap was 321 euros/ton, broken scrap was 305 euros/ton, and remelted scrap was 308.2 euros/ton.

Affected by the summer break and the traditional Ramadan in Turkey, the scrap market in Europe and the United States was calm in August, and prices remained stable; due to the decline in demand, the Japanese scrap market fell slightly. Demand for scrap steel increased as Turkey returned to the market after Ramadan and European and American steel mills replenished their inventories for production in September and October. However, in view of the uncertain international economic outlook, most buyers are cautious and the international scrap market is expected to rise slightly in the short term.

In August, the European market was generally stable, and the German scrap market remained stable. The price of newly produced scrap was 321 euros/ton, broken scrap was 305 euros/ton, and remelted scrap was 308.2 euros/ton.

S. scrap prices are expected to remain stable in September. The market generally expects that the US scrap market will maintain a stable trend in September. Market participants said that by the end of the year, the domestic and export markets for steel are expected to remain stable, enough to support the scrap market to remain stable.

The Japanese scrap market tends to pick up. Due to sluggish demand, Japan's domestic scrap prices have continued to decline since mid-July. The average price of No. 2 heavy scrap for Kanto, Central and Kansai Steel Mills in the three major scrap regions has dropped to 31953 yen/ton (US $417/ton). A decrease of 1622 yen/ton from mid-July.

The Asian scrap import market remained firm. In August, the price of foreign scrap steel exports to Asia remained firm, with quotations from European and American suppliers remaining at a high level of about US $480-490/ton (CFR) and bulk No. 1 heavy waste quotations of nearly US $500/ton (CFR).