Turkey: Limited Trades Weigh Down Imported Scrap Prices
SteelMint learned from industry participants that Turkish imported scrap prices have moved down, as steelmakers took a short pause amid weak sales of rebar and billet in both domestic and export markets in Turkey.
In a single trade deal reported so far this week, an Iskenderun region based steel mill reported to have paid USD 288/MT, CFR Turkey for a UK origin cargo comprising 25,000 MT of HMS 1&2 (80:20).
Following this, SteelMint’s assessment of US origin HMS 1&2 (80:20) scrap has moved down to USD 293-294/MT, CFR Turkey, down USD 6-7/MT against the last week report. While assessment of European origin HMS 1&2 (80:20) stands at USD 288-289/MT, CFR Turkey.
According to sources, there is a mismatch between bids and offers which has kept buying activities very slow at the moment. If finished steel prices fall further, this may pressurize scrap offers. While rebar export offers dropped by USD 15-20/MT against last week to USD 430-440/MT, FoB Turkey.
source: SteelMint
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