Turkey-based steel mills stood away from booking imported scrap on anticipation of further correction in the offers in the near term. Steel mills are negotiating for lower levels amid dull finish steel demand and slower restart on year-end holidays lull. Also, rising inventories for Shredded scrap likely to put Shredded scrap prices under pressure.
On the other hand, US-based suppliers are waiting before attempting further negotiations. Suppliers expect that buyers would come back into the market as Turkey remained almost absent for US east coast scrap throughout December.
Price expectations from few steel mills in recent bids presented stand in the range of USD 275-280/MT, CFR for European HMS 1&2 (80:20) scrap moreover price assessment falls further on weak demand.
According to SteelMint’s price assessment USA origin, HMS (80:20) scrap falls at around USD 285-287/MT, CFR Turkey as against USD 292-293/MT, CFR last report. While an assessment of HMS 1&2 (80:20) from European/Baltic origin moved down at around USD 280/MT, CFR. A premium for US material over Northern European scrap stands at USD 5-7/MT.
According to sources, there a was news of deal getting concluded towards the closing of December in which a steel mill based in Iskenderun region booked a Baltic origin cargo, comprising HMS 1&2 (80:20) at USSD 283/MT, CFR and P&S at USD 295/MT, CFR Turkey.
Turkish rebar export prices continue downtrend on weak demand – Turkey rebar export offers to stand in the range USD 445-460/MT, FoB Turkey. In line with falling finished steel prices, domestic scrap prices have also maintained downtrend on weak demand. However, Turkey domestic Rebar prices have come down by 2-3% W-o-W.
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