Turkey-based steel mills observed a fresh deal for European scrap at further declined prices finally after a short silence. However, no cargoes were sold from US coast since more than a weeks’ time.
According to sources, a steel mill based in Iskenderun region booked a European origin cargo, comprising 25,000 MT of HMS 1&2 (75:25), 7,000 MT of a mixture of Bonus and Shredded and 3000 MT of Busheling scrap at an average price of USD 285/MT, CFR Turkey.
According to SteelMint’s price assessment USA origin, HMS (80:20) scrap stands at around USD 293/MT, CFR Turkey as against USD 305/MT, CFR last week. While an assessment of HMS 1&2 (80:20) from European origin moved down at USD 285-286/MT, CFR. A premium for US material over Northern European scrap stands at USD 7-8/MT.
Recent trade pulled assessment sharply down by around USD 10-15/MT as against the last deal reported for Benelux origin at an average USD 304/MT, CFR in the first week of December.
The increasingly bearish outlook has brought US dock buying prices down. Seasonality concerns, approaching New Year holidays, Very limited booking from Turkish buyers and the possibility of cheaper Chinese billet exports have affected the global export market a lot. Following this, the price expectation of bulk cargo booking from Turkish steel mills has fallen further.
Turkish rebar export prices continue downtrend on weak demand – Turkey rebar export offers stand in the range USD 465-470/MT, FoB Turkey. In line with falling finished steel prices, domestic scrap prices have continued downtrend on weak demand.
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