After observing short break in buying activities amid IREPAS conference conducted in Istanbul before couple of days in Turkey, importers have resumed bookings for imported scrap as per their requirement. However, tight availability in the global market and firm sentiments from suppliers to hold prices at higher levels have led to inch up in prices in recent deals concluded.
The country observed 1-2 fresh deep sea cargo bookings at further upward corrected prices. However, depreciated currency and slow-recovery in finish steel exports from the country continue to remain a matter of concern for most of the buyers.
According to SteelMint’s assessment, the recent deal heard have pulled price assessment for USA origin HMS (80:20) scrap up around USD 325-326/MT, CFR Turkey. The assessment has increased by USD 5/MT as against the last week report of USD 320-321/MT levels. Premium of USA HMS 1&2 (80:20) over European origin stands at USD 9-10/MT.
In a recent deal, a steel mill in the Iskenderun region was heard to have booked a Baltic Sea cargo comprising 10,000 MT of Bonus or HMS 1&2 (95:5) at USD 335/MT, CFR normalizes to USD 325/MT CFR.
Earlier to this, 30,000 MT cargo was booked towards closing last week comprising 26,000 MT HMS 1&2 (80:20) at USD 317/MT and 4,000 MT of Bonus at USD 327/MT, CFR.
Participants were optimistic about rise in prices and inquiries for new cargoes after IREPAS conference. Although Lira remains weak, expectations of increase in finish steel demand have turned strong from Southeast Asian markets. Considering few billet export deals done by Turkish producers since past few weeks, the requirement of scrap is decent in the market however as the supply of scrap is tight, prices would remain firm for the next round of active bookings in Turkey.
Rebar export prices move up USD 10/MT on improving demand – After turning up last week, rebar export prices have continued uptrend in Turkey on improving demand and assessed in the range of USD 515-520/MT, FoB Turkey, up USD 10/MT W-o-W. Domestic rebar demand improved slightly with limited movement.
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