Turkish ferrous scrap import price levels have fallen this week as mills show little interest in buying material. End-user demand still remains weak, although traders remain confi dent that Turkish buyers are likely to resume purchases later this month. Last week, Turkey returned to
the market in a supermarket sweep mode, with 15 deep sea cargoes heard traded.
Cargoes of HMS 1&2 (80:20) were sold from EU and US suppliers to Turkish mills at $372-365/ ton cfr basis. This week, only a couple of new deals were heard concluded. Two cargoes of HMS 1&2 (70:20) were sold from a European and UK supplier respectively at $355/ton and $370/ton.
Scrap Prices Easing In CIS Region
Due To High Stockpiles In the CIS region, traders report hat ferrous scrap prices are tracking downwards as mills appear to have adequate stockpiles. “The scrap sector seems to be running smoothly and there are no major concerns. Payments are arriving on time,” a Moscow-
based scrap dealer. He continued, “however, the momentum of the market is generated domestically. There seem to be no real export markets at the moment, although some containers of scrap are leaving Russia.”
In the South Asian market, Indian import prices for ferrous scrap metal tracked lower this week, following global price trends for scrap. A UK-based exporter confi rmed thatcontainers of shredded material have changed hands at $390-395/ton cif Nhava Sheva port, down by $5/ton on the prior week.
“The sentiment has largely to do with Indian steel prices. Domestic price levels are falling this week so naturally scrap buyers do not want to pay more than they have to,” an ndian steel trader said. In the Southeast Asia market,scrap import prices remained flat on last week’s levels as Chinese buyers returned back to the market after the National Holiday. Containers ofshredded material continue to change hands at $365-370/ton from Europe and the US.
Source: Dow Jones
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