Interest in booking ferrous scrap import cargoes in Turkey remained low this week amidst weak finished steel demand in the domestic and overseas markets. Discrepancies in bids and offers kept the market quiet.
In a fresh deal concluded by Agean region-based steel mill from USA. The cargo comprised of 10,000 t of HMS 1&2 (80:20) at $499/ tonne (t) CFR, 16,000 t of shredded at $519/t CFR and 2,000 t bonus at $519/t CFR Turkey levels.
Before this SteelMint has reported the Turkish deal on 17 Jun’21for a US-origin bulk cargo that was sold to a West Marmara-based steel mill. The cargo comprised HMS 1&2 (80:20) which was concluded at $500/t, while the shredded and bonus material fetched $520/t, CFR.
SteelMint’s imported scrap price assessment for US-origin HMS 1&2 (80:20) stands at $499/t, CFR Turkey, inch down by $1/t against last week.
A fresh scrap cargo for Aug’21 shipment is likely to be quoted at $480-490/t by the supplier in view of the current market situation as buyers are not ready to accept high offers.
Turkish market highlights
- Turkish lira rebounds slightly against dollar: Turkey’s national currency, Lira, rebounded to 8.67 against $1 after hitting 8.79 earlier this week. The fluctuating value of the currency has kept Turkish scrap buyers on the sidelines as importing the material is getting costlier.
- Turkey’s ferrous scrap consumption up 8%: Turkey, the world’s leading scrap importer, recorded an 8% y-o-y rise in scrap consumption to 30.07 million tonnes (mn t) in CY’20 compared to 27.90 mn t in the previous year, as per the latest annual report of the Bureau of International Recycling (BIR).
- Crude steel production rises 42%: The eighth-largest steel producer in the world saw rise its crude steel production rose by 42.4% last month to 3.2 mn t, as per World Steel Association’s (WSA) latest report.
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