In addition to weakening scrap market due to continued crash in Chinese domestic steel prices, Japanese scarp market also started to weaken last week. The only ray of hope came from US scrap market, which remained bayonet due to increasing production.
Demand for ferrous scrap was just healthy enough to outpace supply in US thus continuing a positive trend in ferrous scrap pricing to a level that has not been reached since September of 2008, when prices were on their way down from the historic peak reached in the spring and summer of 2008. Spot market buyers paid USD 318 per ton on average for prompt industrial composite grades in August.
1. Turkey - Buying restarts at higher offers
The level of import offers CNF Turkey has shown a small rise in last week after Turkish buyers returned to buy scarp to maintain their output.
| Product | Grade | Size mm | Change |
| Scrap | A3 | 500x500x1500 | 10 |
Change is on August 28th 2009 as compared to August 21st 2009
In USD per tonne
2. China - Scarp prices continue to weaken
The domestic transaction prices of steel scrap in various locations exhibited small dip, after big crash in the previous week, in line with price correction seen in both long and flat steel products.
Scrap
6-8mm
| Location | In CNY | In USD |
| Zhangjiagang | -60 | -9 |
| Laiwu | -40 | -6 |
| Loudi | 0 | 0 |
| Lingyuan | -100 | -16 |
| Beijing | -50 | -8 |
| Jinan | -50 | -8 |
| Hefei | -50 | -8 |
| Jiangyin | -100 | -16 |
| Guangzhou | -100 | -16 |
| Chongqing | -50 | -8 |
| Wuhan | -50 | -8 |
| Anyang | -50 | -8 |
| Wuyang | -50 | -8 |
| Liupanshui | -50 | -8 |
| Kunming | -50 | -8 |
| Lanzhou | -100 | -16 |
| Tianjin | -120 | -19 |
| Dalian | 0 | 0 |
| Benxi | -50 | -8 |
| Acheng | -110 | -17 |
| Tonghua | -100 | -16 |
| Tangshan | 0 | 0 |
Change is on August 28th 2009 as compared to August 21st 2009
3. India - Market improves on long products recovery
Indian domestic scrap prices increased last week.
Melting scrap
80:20
HMS
| Location | Change |
| Chennai | 700 |
| Kandla | 89 |
| Mumbai | 500 |
| Mandi | 831 |
| Kolkata | 89 |
| Kanpur | 0 |
| Rudrapur | 0 |
| Hyderabad | 0 |
Change is on August 28th 2009 as compared to August 21st 2009
Change is in INR per tonne
4. Rotterdam - On downward trend
FOB Rotterdam prices moved down a bit last week.
| Change |
| -5 |
Change is on August 28th 2009 as compared to August 21st 2009
In EUR per tonne
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(Sourced from www.steelprices-europe.com)
