Scrap import prices witnessed further hike on recent deals concluded in Turkey. The assessment of HMS 1&2 (80:20) scrap now stands at USD 365-368/MT, CFR Turkey supporting suppliers to expect further healthier margins in upcoming trades.
This week Turkish steel mills booked around five deep-sea cargoes at increased prices by around USD 13-15/MT on W-o-W basis.
SteelMint has earlier reported three cargo trades booked at the beginning of the week. In which assessed prices for HMS 1&2(80:20) stood around USD 360-363/MT, CFR Turkey level.
A mill in the Iskenderun region booked a US cargo, comprising 18,000 MT HMS 1&2 (80:20) at USD 370/MT, 4,000 MT Shredded at USD 375/MT and 18,000 MT P&S scrap at USD 380/MT, CFR Turkey respectively. This last deal concluded on Friday, pushed assessment of US origin HMS 1&2 (80:20) sharply.
In a trade concluded on Thursday a steel mill in Marmara region booked a UK Cargo comprising 20,000 MT HMS 1&2 (80:20) at USD 354/MT, 16,000 MT Bonus at USD 370/MT and 4,000 MT Rail scrap at USD 375/MT, CFR Turkey.
Market participants were expecting prices to lift further in new deals, as most of the suppliers in US and Baltic region have raised their offers earlier in the week.
“Recently Turkish mills have begun booking cargoes for February delivery, even though they have yet to complete their January buying activities. Now prices are likely to remain firm amid supply tightness and stronger demand, added to which, collection and freight costs increase through the winter,” said a source.
Major scrap supplying countries like US, Europe, Taiwan are likely to remain slow next week owing to approaching holidays.
Turkey Rebar offers rise further – Rebar export offers from Turkey have remained strong as the prices have increased by USD 10/MT W-o-W to USD 560-570/MT, Fob Turkey now. Also, domestic rebar prices in Turkey have increased to USD 580-590/MT ex-works. Market participants are bullish on rebar prices as demand is robust and if demand remains strong, prices may increase further.
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