Recent deep-sea and short-sea cfr Turkey scrap deals

: Metals
25/06/19

A summary of the most recent deep-sea and short-sea cfr Turkey ferrous scrap deals seen by Argus.

Ferrous scrap deep-sea trades (average composition price, cfr Turkey)
Date	Volume, t	Price, $	Shipment	Buyer	Seller	Composition	Index relevant

18-Jun	35,000	339.50 (80:20)	July	Marmara	Baltics/Scan	HMS 1/2 80:20, bonus	N
17-Jun	27,000	340 (80:20)	July	Izmir	Baltics/Scan	HMS 1/2 80:20, shred, bonus	Y
13-Jun	25,000	339 (80:20)	July	Samsun	Baltics/Scan	HMS 1/2 80:20	Y
11-Jun	40,000	336.50 (80:20)	July	Marmara	Russia	HMS 1/2 80:20, shred, bonus	Y
2-Jun	35,000	336.50 (80:20)	July	Izmir	UK	HMS 1/2 80:20, shred, bonus	N
2-Jun	25,000	332 (75:25)	July	Izmir	Cont. Europe	HMS 1/2 75:25	N
2-Jun	40,000	340.50 (80:20)	July	Marmara	Baltics/Scan	HMS 1/2 80:20, shred, bonus	Y

Ferrous scrap short-sea trades (average composition price, cif Marmara)
Date	Volume, t	Price, $	Shipment	Buyer	Seller	Composition	Index relevant


20-May	3,000	328 (80:20)	May	Marmara	Cont. Europe	HMS 1/2 80:20	Y

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25/07/09

LME copper prices down on US tariff announcement

London, 9 July (Argus) — London Metal Exchange (LME) copper prices have fallen after US president Donald Trump announced on Tuesday that he will impose a 50pc tariff on copper imports. In the wake of the announcement, the market anticipates that the duty will halt the flow of metal into the US and redirect it back towards other global consumers. The cash copper price on the LMEselect electronic trading platform fell by 1.75pc to $9,579.50/t at 12:06 BST today. This was a stark contrast to movement on the US Comex exchange, where the next-month copper price soared by more than 13pc to $5.645/lb on Tuesday before falling back slightly to $5.502/lb in later trading. The jump drove the arbitrage between the Comex spot price and the LME cash price to a new record high of more than $2,500/t. Clarity on term price movement and trade flow was clouded by the lack of detail on the US tariffs. Trump's announcement was an unscheduled comment before a cabinet meeting, followed by a comment from US Secretary of Commerce Howard Lutnick that the tariffs are likely to be in place by the end of July. Even this short a window is likely to encourage one last spurt of buying from US consumers and traders looking to build tariff-free stockpiles before the duty is in place. This is likely to keep Comex prices and the arbitrage to LME high in the near term, but Comex prices might drop off sharply as soon as participants see that tariffs for new deliveries become too risky. Once that threshold is crossed, copper shipments to the US are likely to fall sharply and US copper consumers will start to work through the vast tariff-free inventory that has built up in the country over the past six months. US imports of refined copper under HS code 7403 have increased by 126.72pc this year to 680,727t, according to customs data. Of that total, 422,603t was delivered across April and May, which represented more than half of the total refined copper imports for the whole of 2024. Data from vessel tracking platform Kpler indicate similar volumes of copper cathode imports in June as in April and May, which could mean that at least another 200,000t of copper has already made landfall in the US. With this stockpile to work through, US consumers will not be actively looking to import significant volumes subject to a 50pc tariff in the near term, which means the shift in global copper trade flow this year might reverse rapidly. Comex warehouse copper stocks rose by 138pc from the start of this year to 221,788t as of Tuesday, while LME warehouse stocks dropped by 61pc over the same period to 107,125t today. The trade flow shift has been centred on all Comex-deliverable copper brands, led by Chilean copper but also including European metal as well, leaving European and Chinese buyers to scramble for alternative supplies from the Democratic Republic of Congo in particular. Chile is the largest supplier of copper to the US, accounting for more than 60pc of US refined imports this year. If US imports slow down as a result of the tariffs, Chilean copper will flow back towards China and Europe. Greater availability will pressure LME prices and regional premiums in those ex-US markets, which have risen sharply this year on tighter supply. The Argus assessment for the delivered Germany grade-A copper cathode premium to the LME price has risen by 56pc since February to a record high of $270-290/t as of Tuesday, while the cif Shanghai grade-A cathode premium to the LME price has risen by 122pc over the same period to $80-120/t. "It is difficult to know what will happen but Comex prices will go up and LME will go down," a major copper producer told Argus . "I don't see any short-term impacts in Europe but if the tariff is confirmed, then more copper will flow to Europe and Asia, decreasing physical premiums." By Ronan Murphy and Roxana Lazar Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Japan’s crude steel output to fall in Jul-Sep: Meti

25/07/09

Japan’s crude steel output to fall in Jul-Sep: Meti

Tokyo, 9 July (Argus) — Japan's crude steel output is likely to fall in July-September from a year earlier because of persistently weak demand in both domestic and export markets, the country's trade and industry ministry (Meti) said. Meti expects output to drop by 2.3pc over the period to 20.1mn t, it said in its quarterly forecast released on 8 July. Output is likely to remain stable from April-June. The projected year-on-year output decline is the result of persistently weak demand from key domestic steel-consuming sectors, including automobiles and construction, Meti said. "The situation has not changed significantly from the previous quarter ", a Meti official told Argus . Demand for ordinary steel products from the automobile sector is forecast to increase by 1.9pc on the year to 2.4mn t in the quarter. But Meti characterised this as only a "slight increase", despite it being a higher year-on-year growth rate in comparison with other sectors. Meti had anticipated a strong rebound in the automobile sector, and consequently steel demand, after some car producers resumed operations. The auto manufacturers had suspended operations for up to six months in 2024 following alleged false reporting of safety tests results. Some car producers remain cautious about pushing to ramp up output, the Meti official told Argus , without naming any companies. This is because some carmakers are prioritising quality over quantity, Meti suggested, possibly to avoid a repeat of past safety scandals. Japan's largest domestic car producer Toyota was among those that halted production because of safety issues in mid-2024. Toyota said it has since focused on building a solid foundation for production to enhance safety and quality. Steel demand from the construction sector remains under pressure from a labour shortage and rising material costs, according to Meti. This is likely to cap ordinary steel demand from the sector at 3.9mn t, a similar output level to the same period last year. External markets Japan's steel exports are also projected to decline, with shipments expected to fall by 11.5pc on the year to 6.1mn t in July-September, Meti said. Meti attributed the drop to an influx of low-cost Chinese steel products, which continue to flood key export markets including southeast Asia. Japanese steel producers are reluctant to lower their selling prices to compete with cheaper, non-value-added items, the Meti official added. Meanwhile, the blanket 50pc tariff imposed by the US on imports of steel is unlikely to have a significant impact on domestic crude steel output, at least until September, the Meti official said. This is largely because many of the Japanese steel products imported by US customers cannot be easily replaced with domestic products, the Meti official said. Meti's optimism comes despite some Japanese steel producers struggling to maintain stable business with US clients following Washington's decision to double its sweeping import tariffs on steel to 50pc from 4 June. By Yusuke Maekawa Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US to impose 50pc tariff on copper imports

25/07/08

US to impose 50pc tariff on copper imports

Houston, 8 July (Argus) — US President Donald Trump said today the US will impose a 50pc tariff on copper imports, with implementation expected by the end of July or early August. During a cabinet meeting on Tuesday, Trump listed a number of tariffs he has imposed since taking office, saying "today we're doing copper" with a 50pc rate. In a broadcast interview with CNBC, commerce secretary Howard Lutnick said the tariff would likely be put in place by the end of July or 1 August. Following Trump's announcement, the next active Comex (CME) price rose to a record high of $5.6855/lb, a $0.6595/lb or 13pc increase from $5.026/lb on Monday. The last record was set 26 March at $5.243/lb. Copper and its derivatives have been exempt from added US tariffs , as the Department of Commerce conducts its Section 232 investigation into copper imports . Determinations from the probe were expected by the end of November, but Lutnick said in the broadcast interview today the US was done with the study. The US imported 1.7mn metric tonnes (t) of copper and its derivatives in 2024, according to customs data. By Reagan Patrowicz Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Immigration raids pressure south Texas scrap flows

25/07/08

Immigration raids pressure south Texas scrap flows

Houston, 8 July (Argus) — South Texas ferrous scrap yards are facing inflow headwinds as increased efforts by US immigration officials to detain and deport non-citizens affect peddler traffic and the labor force. Several market participants speaking to Argus on condition of anonymity have reported a steep decrease in scrap inflows along the US-Mexico border in Texas since the start of President Donald Trump's second term in mid-January due to raids by US Immigration and Customs Enforcement (ICE) agents. Sources surveyed by Argus estimated a 25-50pc reduction in scrap being sold to yards in south Texas as a result of the raids, but they struggled to provide a more specific volume of scrap not delivered. Peddler traffic — scrap sold to yards by the public — accounts for a considerable percentage of material acquired by yards in the region, a market participant said. Sources said that many peddlers, as well as some workers at yards, are non-citizens and risk deportation if detained by ICE. The reduction in scrap flows is much larger than what would be seen from peddlers and yard workers who have been detained by ICE or the US Customs and Border Protection agency, they said, and is likely the result of a wider pull back from peddlers, nervous over the risk detention and deportation. Several yards reliant on peddler traffic or undocumented labor have shut in recent weeks, sources familiar with the matter said. ICE has been raiding communities along the border since early in the year when President Donald Trump started his second term. The recently-passed US budget bill allocated $45bn to, in part, hiring "thousands" of new ICE and Border Protection agents. It is unclear how much scrap is sold to US scrap yards by sellers who lack US citizenship, but continued pressure on those sellers and undocumented workers could cause supply tightness and labor shortages in south Texas yards. The monthly Texas ferrous scrap trade is expected to settle today, with several mills bidding all grades flat from June settlements. By Marialuisa Rincon Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Tokyo unlikely to yield on car levy despite US pressure

25/07/08

Tokyo unlikely to yield on car levy despite US pressure

Tokyo, 8 July (Argus) — The Japanese government is unlikely to offer concessions to the US for an automobile deal in stalled trade talks between the countries, even after Washington announced plans to raise tariffs on Japanese imports. Each government has its own interests to defend, the country's minister for trade and industry (Meti) Yoji Muto said on 8 July, reiterating that the automobile sector is a key industry for the Japanese economy and is vital to national interests. Muto reiterated Tokyo's intention to pursue a resolution through negotiations, but without compromising its core economic priorities. This suggests that there is little space for Tokyo to accept auto tariffs imposed by the US. This comes after US president Donald Trump announced plans to impose additional tariffs of 25pc on all imports from Japan from 1 August, slightly higher than the initial rate of 24pc set in April. Trump threatened to impose an even higher levy if Tokyo moves to retaliate against the measure. "We have had years to discuss our trading relationship with Japan, and have concluded that we must move away from these long-term, and very persistent, trade deficits engendered by Japan's tariff, and non-tariff policies and trade barriers," Trump said in his official letter to the Japanese government. "Our relationship has been, unfortunately, far from reciprocal." Tokyo and Washington have held seven trade talks on the US tariff since mid-April without reaching an agreement. Japan was initially seen as a frontrunner among other US trading partners in the negotiation, but progress has stalled partly because of disagreements over the auto sector. The Trump administration has long expressed strong dissatisfaction against the imbalance in US-Japan car trade. Japan exported around 1.3mn automobile units to the US market in 2024, and only purchased 14,724 units of US vehicles during the same period, according to Japanese customs and industry group the Japan Automobile Manufacturers Association, respectively. Tokyo has declined to disclose the details of the ongoing negotiations, but the country's prime minister Shigeru Ishiba in mid-June reiterated that the automobile sector is vital to Japan's national interests, underscoring the car sector as a key sticking point in the trade talks. By Yusuke Maekawa and Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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