Imported scrap market in Turkey observed fresh deal after a short break for European origin scrap. Prices have come down sharply by USD 8-10/MT against last weeks’ report.
Steel mills in the country were looking for corrected offers on successively falling Chinese rebar prices, which was indicating the sings of initiating Chinese exports to other markets at declined prices. On the other hand, Turkish rebar and billet export prices continue weakening on bearish demand.
A steel mill booked a European cargo, comprising 20,000 MT of HMS 1&2 (75:25), 10,000 MT of HMS 1 and 5,000 MT of Busheling scrap at an average price of USD 325/MT,CFR Turkey.
According to SteelMint’s price assessment recent trade pulled assessment down by USD 8-10/MT as against the last report. USA origin HMS (80:20) scrap stands at around USD 327-328/MT, CFR Turkey as against USD 335/MT, CFR last week.
While HMS 1&2 (80:20) from European origin stands at USD 318-319/MT, CFR. Premium for US material over Northern European scrap stands at USD 8-9/MT.
Turkish Lira recovered marginally in last two weeks’ period – Exchange rate USD/TRY stands at 5.29 today as against 5.5 on 9th November, witnessing recovery of around 4% in last two weeks’ period.
Turkish rebar and billet export offers fall further – Turkey rebar exports offers stand at around USD 490-500/MT, FoB Turkey, down USD 10/MT W-o-W. While domestic rebar prices continued downtrend on weak demand and falling scrap prices. Domestic rebar was reported at TRY 3,080-3,220/MT, ex-works. While domestic scrap prices also weakened on rising stocks.
Turkish billet export offers stand in the range USD 475-485/MT, FoB Turkey. While CIS region billet offers lowered to levels of USD 450-455/MT, FoB.
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