Turkey: Mills Continue Booking Scrap Cargoes on Hike in Rebar Offers
SteelMint learned from industry participants that Turkey based steel mills have continued scrap purchases amid positive trend.
Lift in rebar and billet prices has supported steel mills to raise their costing of scrap resulting in increased imported scrap trades this week.
In the recent trades reported, a steelmaker booked 25,000 MT cargo comprising 4,000 MT HMS 1&2 (90:10) and 21,000 MT Shredded at an average price of USD 335.5/MT, CFR Turkey.
A European supplier sold a total of 40,000 MT comprising 15,000 MT HMS 1&2 (75:25), 14,000 MT Shredded and 11,000 MT mixture of P&S and HMS 1 scrap at an average price of USD 324/MT, CFR equivalent to HMS 1&2 (80:20) at USD 320-322/MT, CFR.
Earlier to this, USA supplier sold a cargo comprising HMS 1&2 (80:20) at USD 330/MT, Shredded at USD 335/MT and P&S scrap at USD 340/MT, CFR on Wednesday.
Another cargo booked comprising of 5,000 MT HMS 1&2 (80:20) at USD 330/MT, 20,000 MT Shredded at USD 335/MT and 5,000 MT of P&S scrap at USD 340/MT, CFR.
A Russian supplier was heard to have sold HMS 1&2 (95:5) at USD 335/MT, CFR.
According to SteelMint’s price assessment, US origin HMS (80:20) scrap climbs up to USD 330/MT, CFR Turkey as against USD 325-327/MT, CFR in the opening of this week. While HMS 1&2 (80:20) of Europe origin stands at around USD 320-322/MT, CFR. A premium for US material over Northern European scrap remains at around USD 8-9/MT.
Rebar prices soar on improved trades - Turkish steel mills observed improved trades for rebar in both the domestic and exports market. Rebar export offers stand at around USD 465-475/MT, FoB Turkey jumping by USD 25-35/MT against the last low levels heard. Moreover, CIS rebar export offers climb to USD 455-465/MT, FoB levels on Black Sea port basis.
source: SteelMint
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