Turkey is the largest importer of Ferrous Scrap in the world. In first half of 2013 its imports drastically went down by 18.2% Y-o-Y basis because of Turkish mill which is not getting positive signs from finished product sector.
According to data released by BIR, in H1'2013(Jan-Jun) Turkey imported 9.27 MnT of Ferrous Scrap out of which 2.70 MnT were imports from USA, which went down by 17.6%. Similarly, from EU-27 the total imports which was amounted to be around 4.56 MnT, have gone down by 18.1%, followed by Russia whose imports amounted at 0.81 MnT, plunged by 17.4% and the remaining quantity were received from other countries. All comparisons are made year on year basis.
Turkey's Steel Scrap consumption also went down by 7.9% to 15.1 MnT in the opening half year of 2013, followed by Russia (-12.9% to 8.3 MnT) and Japan (-2% to 18.6 MnT) in the same period.
SteelMint assessed that, in H1'2013, Turkey's Ferrous Scrap prices (HMS 1&2) continuously declined by 14% because Lira (Turkish Currency) depreciated by 8.5 % against USD.
Scrap offers from Dubai remained stable for HMS 1&2 at USD 343-347/MT CFR Mumbai. Similarly, offers from UK and Europe for shredded scrap are being quoted at USD 375-380/MT CFR Mumbai and HMS at around USD 355-360/MT CFR Mumbai, in containers.
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