Turkey: Imported Scrap Prices Drop in Recent Deals from US
SteelMint learned from industry participants that Turkish steel mills have observed fresh deals as US suppliers returned into the market after short pause towards the closing last week. Activities remained very limited on public Eid holidays during last week while imported scrap prices moved down USD 5-6/MT on W-o-W basis as global sentiments remained dull.
In deals concluded towards last week close, three US cargoes reported at sharply corrected prices by around USD 10-15/MT against the previous trades reported from the US suppliers.
A US origin recycler sold HMS 1&2 (80:20) at USD 299/MT, Shredded at USD 304/MT, CFR and Bonus scrap at USD 309/MT, CFR Turkey to the Izmir based steelmaker. One more US cargo was booked comprising HMS 1&2 (80:20) at USD 299.5/MT, Shredded at USD 304.5/MT and Bonus at USD 309.5/MT, CFR Turkey.
Iskenderun based steelmaker booked a total 30,000 MT cargo comprising 12,500 MT of HMS 1&2 (90:10) at USD 298.5/MT, 12,500 MT of Shredded at USD 300.5/MT and 5,000 MT of P&S scrap at USD 305.5 /MT, CFR Turkey.
After normalizing these deals, SteelMint’s assessment of US origin HMS 1&2 (80:20) scrap has lowered to USD 299/MT, CFR Turkey, down by USD 5-6/MT against the last week. In line with this, an assessment of Europe origin HMS stands at around USD 295-296/MT, CFR. A premium of US material over Northern European scrap stands at around USD 4-5/MT.
It is being expected that sustaining scrap to rebar margin may hold scrap prices to lower side despite still limited finish steel demand in the market however further price correction is limited. Many participants are waiting for more deals to bring more clarity on the trend.
source: SteelMint
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