In recent deals reported, a Marmara based steelmaker has booked a bulk cargo from US supplier comprising 33,000 MT HMS 1&2 (80:20) at USD 290/MT, 6,000 MT of Shredded at USD 295/MT and 3,000 MT of Bonus at USD 300/MT, CFR Turkey.
A European cargo sold comprising HMS 1&2 (80:20) at around USD 285/MT and Bonus scrap at USD 295/MT, CFR. Iskenderun based leading steel mill booked two cargoes comprising 17,500 MT HMS 1&2 (75:25) and 7,500 MT Bonus scrap at an average price of USD 288/MT, CFR from Europe while 25,000 MT of HMS 1&2 (80:20) at USD 286/MT, CFR and 5,000 MT of Bonus at USD 296/MT from Russian supplier.
SteelMint’s assessment for US origin HMS 1&2 (80:20) scrap dropped to USD 290/MT, CFR Turkey, down USD 10-12/MT as against the last week. While assessment of Europe origin stands at around USD 283-285/MT, CFR. A premium of US material over Northern European scrap stands at around USD 5-7/MT.
Turkish currency lira (TRY) has shown a slight recovery in the past couple of days. USD/TRY exchange rate stands at 5.98 today which comes to the same levels a week ago. Notably, the Turkish currency lira had weakened to 6.25 levels on 9th May’19 amid political uncertainty in the country hitting a record low of around the last seven months.
Soft demand in Turkish rebar market continued for another week with export offers remained in the range USD 470-475/MT, FoB on actual weight basis while buying interest stands lower by USD 5-10/MT than current offers.