Turkey Imported Scrap Prices Plunge in Recent Deals
Prices have come down by around USD 15-20/MT in a week's time with couple of deals being reported to Turkey yesterday.
SteelMint learned from industry participants that Turkish imported scrap prices have moved down sharply this week as steelmakers reportedly booked a few deep-sea cargoes yesterday at significantly lowered prices. The continuous downslide in finished steel prices amid persisting of the slowdown in sales, had put Turkish steelmakers under quite a pressure to check their margins, while the Turkish scrap import prices now stands at over 2 years low.
In recent deals reported, a leading supplier based in the UK sold a bulk cargo to Marmara based major steel maker comprising 20,000 MT of HMS 1&2 (80:20) at USD 250/MT, CFR Turkey.
In another deal reported yesterday, a USA based supplier sold 30,000 MT of mixed grade bulk cargo vessel to another Turkish steelmaker, comprising of 17,500 MT HMS 1&2 (90:10) at USD 261/MT, 6,000 MT of Shredded scrap at USD 263/MT and 6,500 MT of P&S scrap at USD 268/MT, CFR Turkey respectively. The shipments are reported to arrive at berth by September-end.
As per SteelMint’s methodology, an assessment of US-origin HMS 1&2 (80:20) scrap has moved down to USD 255/MT, CFR Turkey. While assessment of European origin HMS 1&2 (80:20) currently stands at USD 250-251/MT, CFR Turkey. Prices have moved down by around USD 15/MT against last week’s report.
As per data maintained by SteelMint, prior to this the lowest assessment for USA origin HMS 1&2 (80:20) was witnessed in February 2017, when the prices had momentarily dropped to USD 236/MT levels, thus inferring that the current price levels are at a 2-and-a half year low.
Prior to this, a major Marmara-based steelmaker had booked a USA origin cargo of 42,000 MT, comprising of HMS 1&2 (80:20) at USD 270/mt and shredded at USD 275/MT CFR.
Turkish rebar export prices are now down to USD 435-440/MT range, FoB over dull demand, while market expects a slight futher correction.
source: SteelMint
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