Imported scrap prices have climbed up further in recently concluded deep-sea bulk cargoes. As inquiries for imported scrap have increased from Turkey-based scrap buyers, the offers too have started moving upward. Global scrap market trades are picking up as mills are replenishing inventory before Ramadan starts. SteelMint learns that suppliers aim to quote fresh offers at $440 levels in the coming days.
SteelMint’s assessment for US-origin HMS 1&2 (80:20) now stands at $435/t CFR Turkey, up by $5/t w-o-w.
Recent trades:
Source: SteelMint
Market sentiments:
Turkish Lira stable w-o-w: The national currency has observed stability in last one week after observing sharp fluctuations. Currently, TRY 1 is currently trading at $8.15 levels which is at similar levels as last week.
Rebar market activities picking up: Turkey’s major mills have started to quote fresh offers for new rebar sales in the local market. A prominent steel mill, Kardemir, has set its rebar sales prices at $612/t exw (TRY 5,888.2/t) basis. Although rebar sales haven’t been active, market participants expect trades to pick up soon.
Outlook: Considering the robust finished long steel market outlook, buyers are optimistic about the import scrap market and the chances are high that prices will go up further.
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