SteelMint learned from industry participants that Turkish imported scrap market observed very thin trades as sellers expectations remained firm on the prices. As a result, prices reported having marginally inched up however, steel mills remained mostly silent to find support in finish steel markets and disparity in the workable price range.
In a recent deal reported, one of the US origin suppliers heard to have sold 8,000 MT of HMS 1&2 (80:20) at USD 280/MT and 3,000 MT of Shredded at USD 285/MT, CFR Turkey to the Marmara based steelmaker.
As per market sources report, sellers are now expecting USD 285-290/MT, CFR Turkey for HMS 1&2 (80:20) as workable price levels, however, buying interest among steel mills in Turkey was majorly reported in the range of USD 280-285/MT, CFR Turkey.
SteelMint’s assessment of US origin HMS 1&2 (80:20) scrap has slightly increased to USD 281/MT, CFR Turkey, up by USD 2-3/MT against the last weeks’ report.
If reports are to be believed, Turkish steel mills haven’t completed their July month shipment bookings completely and there is still a little demand for remaining July shipments, however, poor profit margin with rebar puts price recovery of scrap under the pressure of sustainability.
No significant trades in billet and rebar markets in Turkey lead to steel mills to extend their silence in the market. Rebar reference export assessment stand stable at USD 445-460/MT, FoB Turkey.
As per recent reports by Turkey Steel Producers Association, Turkey produced 14.297 MnT of crude steel in Jan-May’19, down almost 10% from 15.88 MnT produced during Jan-May’18.
Leave a Reply