Turkey: Imported Scrap Prices Drop by USD 10 in Recent Deals
SteelMint learned from industry participants that Turkish steel mills have recently concluded more deals at further corrected prices. Steel mills seem to have actively booked deep sea cargoes comprising around 150,000 MT scrap as they achieved desired offer levels from suppliers.
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.
source: SteelMint
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