Importers from Turkey remain active this week with several cargoes getting booked mostly for March shipments. Prices remained range bound in the deals concluded at beginning of this week while moved up marginally in fresh deals concluded yesterday.
Over the strengthening of demand and hike in prices for finished steel in Turkey, last week imported scrap prices lifted by USD 6-8/MT and touched USD 350/MT level. Scrap importers remained active again in this week and around 5-6 cargoes booked for further March shipments in the market.
The latest deals confirmed in Turkey pushed price assessment of USA origin HMS 1&2(80:20) up by USD 2-3/MT at USD 353/MT, CFR Turkey. Last reported price assessment was at USD 350/MT, CFR Turkey in the deals concluded towards the closing of the last week.
Trade-wise:
1. In a recent trade deal concluded, an Izmir region based importer HABAS booked 45,000 MT cargo comprising 30,000 MT of HMS 1&2(80:20) at USD 353/MT, 12,000 MT of Shredded at USD 358/MT and 3,000 MT Bonus scrap at USD 363/MT respectively on CFR Izmir basis. According to sources, this cargo was sold for second-half March shipment from SIMS, USA based leading scrap supplier.
2. Another Izmir based scrap importer, IDC booked European cargo of 23,500 MT comprising 9,000 MT HMS 1&2(80:20) at USD 353/MT, 9,000 MT of Shredded at USD 358/MT and 5,500 MT Bonus at USD 363/MT, CFR Izmir. STENA Company from Europe sold this cargo for full March shipment.
3. Three Russian deals also reported in the market earlier this week. A Marmara based importer booked a cargo containing 15,000 MT HMS 1&2 (90:10) at USD 355/MT, CFR Turkey while TOSYALI from Iskenderun region booked a 27,000 MT cargo containing 19,000 MT HMS (80:20) at USD 348/MT, 6,000 MT Bonus at USD 353/MT and 2,000 MT of rails at USD 363/MT, CFR Turkey.
Turkey rebar export offers move up amid strong demand – Demand for finish steel remained strong and steel mills started focusing on both local and overseas sales this week. Following which rebar export offers increased to USD 565-575/MT, FoB Turkey. Also, domestic rebar prices in Turkey’s market moved up by USD 10-20/MT W-o-W to USD 580-595/MT, ex-works. Most of the participants believe that both rebar export and scrap import prices would remain strong in coming days.
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