Cheap China Steel and Oversupply Keep Scrap Prices Down

January 4, 2016

Here is the latest scrap metal prices and news update for the first week of January 2016.

Reference Scrap Metal Prices Update

#1 Busheling $110 gt to $75 gt
#1 Baling $80 gt to $45 gt
#2 Baling $65 gt to $40 gt
Plate and Struct 2’x 5′ $100 gt to $60 gt
Plate and Struct scrap (unprep) $80 gt to $50 gt
Heavy Melt 2’x 5′ $100 gt to $50 gt
Heavy Melt scrap (unprep) $70 gt to $30 gt
Junk Cars $50 gt to $25 gt

Bare Bright Copper $2.05 lb. $1.90 lb.
#1 Copper $2.00 lb. $1.90 lb.
#2 Copper $1.85 lb. $1.75 lb.
Insul Hvy #1 copper Wire 85% Recovery $1.55 lb. $1.40 lb.
insulated Light Wire 50% Recovery $0.52 lb. $0.40 lb.
EDM Wire $1.40 lb. $1.28 lb.
Brass (hard) low lead $1.80 lb. $1.60 lb.
Copper Rads $1.40 lb. $1.26 lb.

Source Iron Mike Enterprises – Detroit, MI USA

Scrap Metal News

Yieh reports that Brazilian domestic scrap and export prices expect to remain unchanged in early January next year, because of the price has reached the lowest level so far.

Market participants said, Brazilian scrap market activities are likely to downward trend right after both in the Christmas Festival and New Year’s holidays.

Currently, Brazil’s domestic scrap steel prices are at US$114/ton; those for export prices are at US$130/ton. The above prices based on ex-factory.

SHIP RECYCLING PRICES UPDATE

As reported by GMS Weekly – Yet, as the oversupply of the global fleet persists, it could take another few active years of aggressive recycling before any modicum of balance is returned to the shipping markets.



The most alarming facet of the ship-recycling markets this year has been the constant supply of cheap Chinese steel that has been undercutting local inventories and causing the foreclosure of many facilities in Gadani, Alang, and Chittagong.

For week 52 of 2015, GMS demo rankings for the week are as below:

 

Demo Ranking Country Market Sentiment GEN CARGO

Prices

TANKER

Prices

1 India Weak USD 280/lt ldt USD 310/lt ldt
2 Bangladesh Weak USD 275/lt ldt USD 305/lt ldt
3 Pakistan Weak USD 260/lt ldt USD 290/lt ldt
4 Turkey Weak USD 160/lt ldt USD 165/lt ldt
5 China Weak USD 125/lt ldt USD 145/lt ldt