After remaining silent since last two weeks, Turkey based steel mills have turned active this week in booking imported scrap material.
Last week, the price assessment for US origin HMS 1&2(80:20) remained at USD 370/MT, CFR Turkey unchanged with previous week assessment as the market witnessed no trade activities. Amid severe winter conditions and slower reopening after New Year holidays shown by major supplying scrap yards, Turkish market remained almost quiet with no supplier offered actively. However, steel mills were ready to accept offers higher by USD 5-10/MT.
In a recent deal heard through market sources, a USA based scrap supplier sold a cargo containing HMS 1&2 (80:20) at USD 376/MT, Shredded scrap at USD 381/MT and Bonus scrap at USD 386/MT,CFR Turkey basis respectively to a scrap buyer based in Marmara region in Turkey. However, the deal could not be confirmed till the time of publishing this article.
Most of the market participants anticipated prices to jump and few suppliers have also started offering around USD 380-385/MT, CFR for HMS 1&2(80:20) with raised expectations on stronger fundamentals.
“Presently few offers for Baltic origin HMS (80:20) are around USD 378-380/MT, CFR while USA suppliers are offering it around USD 385/MT, CFR Turkey. Importers are likely to book more cargoes for remaining Feb’18 shipments and we will see further higher levels shortly” – shared a source.
Imported scrap prices also in Taiwan have climbed upward, a key buyer in Taiwan purchased limited quantities of imported scrap at close to USD 350/MT, CFR Taiwan which is up by USD 12-15/MT on W-o-W basis. USA scrap suppliers raised their offers to USD 355-360/MT, CFR Taiwan now.
Turkey rebar offers remained stable – Last week rebar export activities slightly slowed down in Turkey due to extreme winter conditions and holiday outages. Offers thus, remained firm on W-o-W basis from Turkey at USD 570-575/MT, FoB Turkey. While domestic rebar prices in Turkey have remained at USD 580-590/MT ex-works.
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