Amid higher gains in domestic steel market in Turkey, scrap import offers witnessed further increase. Turkey is in the process of increasing its steel capacities and as per Turkish Steel Producers Association, Turkish crude steel production rose 11.5% during Jan-May’17 against same time frame in previous year.
Another reason that supported price hike was less scrap supply for Jul & Aug. Market sources are anticipating further hike in scrap import prices. Not many trade deals were reported as Turkish steel mills seemed to have mostly completed their Jul bookings.
In a recent trade deal concluded, Stena – an international scrap trader has sold 31,000 MT ferrous scrap to one of leading based steel makers in Turkey – iDC. 7,500 MT HMS (80:20) was sold at an average price of USD 295/MT CFR Turkey; 18,000 MT Shredded scrap was sold at USD 300/MT, CFR and 5,500 MT Bonus was sold at an average price of USD 305/MT CFR.
In an another trade deal concluded by an Europe based scrap supplier to Turkish steel maker, HMS (80:20) was sold at an average price of USD 294/MT CFR and Bonus at an average price of USD 304/MT CFR Turkey.
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