Press releases

US scrap drops sharply; Turkish import prices also fall: TSI - 6 February 2012

The latest scrap reference prices released by The Steel Index (TSI) last Friday show that the weekly price for US domestic scrap dropped sharply from a week earlier. Turkish import scrap reference price also decreased, but Indian import pricing was stable.

In the US, the weekly domestic shredded obsolete scrap reference price fell almost 5% to $446/long ton delivered US Midwest mill. Shredded material seemed to suffer more than other grades and continuing good flows of obsolete scrap have not helped. This reference price is 3% or $14/long ton below the level of four weeks ago.

The weekly average of daily Turkish scrap import reference prices decreased by 2.7% as bookings of cheaper material from US East Coast were made. The weekly reference price is $26/t below the level published four weeks previously. TSI’s daily scrap reference price had fallen steadily during the week to $433/t on Friday; a decrease of $9/t.

The weekly Indian containerised shredded scrap import reference price was unchanged from last week’s level. Mills continued to increase their purchases as current levels appear workable compared with domestic steel prices. This price has lost $9/t over the last four weeks.

TSI – like Steel Business Briefing a unit of Platts - specialises in compiling steel, iron ore and scrap reference prices by collecting and averaging actual transaction data.

Further details of TSI’s methodology and specifications covered can be found on its website www.thesteelindex.com. Companies wishing to subscribe to TSI's full set of reference prices can do so on its website.

 

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