Turkey: Imported Scrap Prices Weigh Down Amid Weak Finish Steel Demand
SteelMint learned from industry participants that Turkish imported scrap market has opened up after witnessing absence for Eid al-Adha holidays last week. Steelmakers have returned to the market however, no major deal has been reported yet. Weak demand for Turkish finished steel in the global market continues to put pressure on the margins of Turkish steelmakers, consequently inching down imported scrap prices further.
Just before Eid Holidays, a deal was confirmed wherein a UK based prominent supplier sold a bulk cargo of 25,000 MT comprising entirely of HMS 1&2 (80:20) to an Istanbul based major steelmaker in Marmara region. The price for the said deal was USD 280/MT, CFR Turkey, with an expected delivery by August end.
As per SteelMint’s methodology, an assessment of US-origin HMS 1&2 (80:20) scrap has inched down to USD 282-283/MT, CFR Turkey against the last week report of USD 285-287/MT, CFR. While assessment of European origin HMS 1&2 (80:20) currently stands at USD 276-278/MT, CFR Turkey.
With the South Asian markets too looking for direction after witnessing prices flooring down to 2 year low levels on limited demand, suppliers have been under pressure. However, the market is expecting that with the slight ease in USA-China trade issues, Turkish steelmakers are likely to resume scrap shipments very soon in order to maintain inventories which could result in a rebound in prices in the coming days.
source: SteelMint
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