Imported Scrap Prices Fall in Recent US Deal Reported
SteelMint learned in recent conversation with market participants that Turkey-based steel mills have resumed scrap booking from the US after almost a six weeks' of silence. US origin HMS 1&2 prices moved down sharply by around USD 49-50/MT as against last the US deal reported on 23rd Nov'18.
In recent deals reported, a Turkish steelmaker based in Iskenderun area booked US cargo comprising 33,000 MT of HMS 1&2 (80:20) at USD 280/MT, 3,000 MT of Shredded at USD 285/MT, 5,000 MT of Bonus at USD 290/MT, CFR for prompt delivery scheduled in January.
A European cargo heard booked comprising 30,000 MT of HMS 1&2 (80:20) at USD 277/MT and 10,000 MT of Shredded at USD 282/MT, CFR Turkey.
According to SteelMint’s price assessment, US origin HMS (80:20) scrap falls at around USD 280/MT, CFR Turkey down USD 6-7/MT as against USD 286-287/MT, CFR last weeks' report. While HMS 1&2 (80:20) of Europe origin moved down at around USD 270-271/MT, CFR. A premium for US material over Northern European scrap stands at USD 9-10/MT.
According to sources, a UK based cargo comprising 40,000 MT HMS 1&2 (80:20) was being offered at USD 265/MT for January shipment however the confirmation on this deal hasn't received till the publication of this article.
Turkey rebar export offers to stand in the range USD 445-455/MT, FoB Turkey. In line with falling finished steel prices, domestic scrap prices have fallen further by USD 5-10/MT as against last week. Moreover, Turkey domestic Rebar prices continued downtrend on weak demand.
source: SteelMint
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