Global Scrap Market weekly update 23rd June 2022

Finished product demand from market vanished. There are small sales here and there with raw materials scrap but nothing major. Sale was done on 22nd june $335 for 90/10 cargo destined for turkey from europe. Normalized price at $330 for 80/10 destined to turkey.

Market fell just below 2021 price boom breaking support level.

On the other side of the world banglandesh mills has lots of stocks also Eid ul adha approaching there is no such a demand for scrap. Bangladesh scrap import normalized at $380-$390. Containersied cargoes falling to $430 level. Dollar instablity in bangladesh is not helping. USD trading at 97bdt in carb market though bangladesh bank set rate at 93bdt for usd. Improt cost is 10% higher than usual tradings.

In our view turkish market may fall into $300/mts sooner than later.