Prices for all grades of scrap have hiked by USD 11-13/MT on W-o-W basis; suppliers are now looking for further hike in prices amid tightened supply.
Imported ferrous scrap prices in Turkey have lifted up on recent trade deals confirmed by steel mills. Prices have climbed by around USD 11-13/MT on weekly premises. This situation has lifted price expectations further by USD 5/MT among major suppliers based in US and Baltic regions which was supported by tightened availability from prime exporting countries over the low collection rates in winters.
Current assessment of USA origin HMS 1&2 (80:20) stands at USD 313/MT, CFR Turkey. Last week prices were hovering around USD 301-303/MT, CFR. Market participants reported imported scrap prices are moving up fast in Turkey.
Recently finished product demand in Turkey has increased further in line with which many of the mills have increased domestic rebar prices. Many of the participants now believe the increasing scrap prices may boost domestic market sentiments further in Turkey. Also rebar export offers from Turkey have increased to USD 512-518/MT, FoB.
This week buying interest was quite high in scrap market, the large volumes of bids heard to place by Turkish buyers but most of the bids were hovering around USD 303-306/MT for HMS (80:20) and thus got rejected by suppliers based in UK. Suppliers were not ready to negotiate, following which prices for imported scrap have lifted on recent deals -a source shared.
Trade-wise –
1. In a recent deal reported, one of the leading EAF steel maker ICDAS Turkey fetched 30,000 MT European cargo. The cargo was sold by Cronimet company comprised of 17,000 MT HMS 1&2 (80:20) at USD 312/MT CFR and 13,000 MT Bonus at USD 322/MT, CFR Turkey respectively.
2. In another deal, An Iskenderun-based mill bought a North American cargo of 30,000 MT Shredded, 15,000 MT HMS 1&2 (90:10) and 5,000 MT P&S scrap at an average price of USD 320/MT, CFR Turkey.
3. A deal concluded earlier was closed at an average price of USD 312/MT, CFR Turkey for 35,000 MT full December shipment. In this deal US-based supplier sold 18,000 MT HMS; 15,000 MT Shredded and 2,000 MT P&S scrap to Samsun region based steel manufacturer in Turkey.
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