On the weekend signals started to appear that steel scarp prices have bottomed out after Japanese steel majors started to increase their buying price by about JPY 1,500 per tonne last week.
The other factors supporting price increase are:
1. A positive sentiment among steel scrap buyers in South Europe
2. Tightening of scrap supply situation in China
3. Buoyancy in scarp prices in SEA (Vietnam and Thailand)
4. Partial resumption of buying by some Turkish mills
On the other hand the sentiments in US market remained week, with expectations of at least USD 20 per tonne reduction in November.
1. Turkey - Resumption of buying on the anvil
Change is on November 6th as compared to October 30th 2009
| Change |
| 0 |
In USD per tonne
2. China - Declines slows
Scrap
6-8mm
| Location | CNY | USD |
| Acheng | -200 | -29 |
| Anyang | -170 | -25 |
| Beijing | -210 | -31 |
| Benxi | 50 | 7 |
| Chongqing | 0 | 0 |
| Dalian | -60 | -9 |
| Guangzhou | 100 | 15 |
| Hefei | 100 | 15 |
| Jiangyin | 250 | 37 |
| Jinan | -250 | -37 |
| Kunming | -200 | -29 |
| Laiwu | 0 | 0 |
| Lanzhou | -150 | -22 |
| Lingyuan | 120 | 18 |
| Liupanshui | 10 | 1 |
| Loudi | 190 | 28 |
| Tangshan | -200 | -29 |
| Tianjin | 310 | 45 |
| Tonghua | 300 | 44 |
| Wuhan | 20 | 3 |
| Wuyang | 230 | 34 |
| Zhangjiagang | 50 | 7 |
Change is on November 6th as compared to October 30th 2009
3. India - Reels under long back kick
Melting scrap
80:20
HMS
| Location | Change |
| Chennai | 0 |
| Mumbai | -300 |
| Mandi | 0 |
| Kolkata | -92 |
| Kanpur | 0 |
| Rudrapur | 0 |
| Hyderabad | -100 |
Change is on November 6th as compared to October 30th 2009
Change is in INR per tonne
There were hardly any buyers at USD 310 per tonne CFR levels in India as they expect prices to soften further
4. Rotterdam - Small gain
| Change |
| 5 |
Change is on November 6th as compared to October 30th 2009
In EUR per tonne
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(Sourced from www.steelprices-europe.com)
