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
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
India’s record gold import said to be due to calculation error
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
