Turkey: Imported Scrap Prices Drop in Recent Deal
Turkey-based steel mills observed a fresh deal for European scrap as soon as they received the lower price from a supplier. Amid dull finish steel demand steel mills in Turkey were holding their buying price at lower side witnessing no significant deal concluded for past two weeks. However, recent deal heard pulled prices down by USD 5-7/MT further.
According to sources, a steel mill based in Marmara region booked a Benelux origin cargo, comprising 20,000 MT of HMS 1&2 (75:25), 12,500 MT of P&S and HMS 1, 5000 MT of Shredded and remaining 2,500 MT of New cutting scrap at an average price of USD 304/MT, CFR Turkey for December shipment.
According to SteelMint’s price assessment USA origin HMS (80:20) scrap stands at around USD 308/MT, CFR Turkey as against USD 313-315/MT, CFR last week. This trade was equivalent to HMS 1&2 (80:20) from European origin at USD 302-303/MT, CFR. A premium for US material over Northern European scrap stands at USD 7-8/MT.
Recent trade pulled assessment sharply down by around USD 20/MT as against the last deal reported for USA HMS (80:20) at equivalent USD 327-328/MT levels on 23rd Oct’18.
Since the past couple of days, although Turkish steel mills were looking for USD 300-305/MT, CFR levels, offers for HMS 1&2 (80:20) from USA and Baltic suppliers stood mostly in the range USD 310-315/MT, CFR. Sellers remain awaiting before offering much for clearer price direction.
Steel mills in the country are expected to witness production cuts during Dec-Jan’18 which is resulting in a lack of major buying interest in the market. Global scrap sellers may shift to other buyers to fetch better prices in the upcoming days.
Turkish rebar export prices fall amid low movement - Turkey rebar export offers reference index stands at around USD 475-480/MT, FoB Turkey. While domestic rebar prices continued downtrend on weak demand and falling scrap prices.
source: SteelMint
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