It is reported that Turkish buyer are coming back as few deals had
happened at lower levels this week. HMS (80:20) traded at $380-385/MT CFR
Turkey. Market sources expect market to stabilize at these levels next week.
However, offers to Turkish mills continued to fall as buyers were
anticipating further correction in the prices and hold their purchases.
A UK origin cargo of 50,000MT of (80:20) blend has been reported to trade
at $370/MT CFR. For US cargoes Turkish mills do not want to pay more than $380/MT
CFR. However, US exporters are not willing to offer HMS (80:20) at below $390/MT
CFR at the moment.
Prices are likely to fall further as the domestic steel market is
sluggish and therefore demand for scrap is very low.
Moreover, Taiwan steel mills are actively buying Scrap where as South Korean
steel mills might start buying as offers went down to $390-395/MT CFR South
Korea from US.
Further, Indian HMS 1& 2 are offered in the range of $415-425/MT.
Importers expect further decline of $10-15/MT next week as production will
further decline during monsoons.
Leave a Reply