Imported scrap prices to Turkey have hit a one-month high in recently concluded deals from Baltic, Europe, and USA origin. Prices have risen by $35 as compared to the mid of last week. Most of the suppliers are holding back offers and targeting above $460 levels for the Mar shipment.
SteelMint’s assessment for US-origin HMS 1&2 (80:20) now stands at $453/t CFR Turkey.
Recent trades-
Market highlights-
- Turkish Lira depreciates w-o-w: Turkey’s Lira depreciated against the $. Current $1=TRY 7.19 levels, as compared to 6.94 a week ago.
- Domestic scrap prices surge: Domestic scrap market witnessed a continuous hike in its scrap purchase prices by TRY 100-380/t ($8-48), owing to a hike in imported scrap. Increasing domestic and overseas rebar sales remained another factor behind the continuous hike in prices.
- Secondary market witness mixed sentiments: Turkey’s secondary market witnessed mixed sentiments as Lira’s depreciation left steelmakers confused. With the support of increasing imported scrap prices, few Turkish mills have hiked finished steel prices on back of positive sentiments from end-users.
- Spot iron ore price declines as market turn quiet: Spot iron ore fines price decreased marginally yesterday as the market turned cautious on higher prices. Price for Fe 62% fines dropped by $0.25 to $172.5/t CFR China. Today, iron ore futures in Dalian and Singapore Exchange remained largely stable. DCE’s most-traded May contract closed at RMB 1,131/t while Singapore’s Mar’ iron ore futures closed at $170.6/t.
Outlook: Buyers and steelmakers have already booked maximum cargoes for Mar’21 shipment and a few more cargoes are likely to be booked this week. However, prices are likely to remain upward in the near term.
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