Turkish domestic ferrous scrap import prices have increased further this week in line with deals getting concluded at high prices owing to optimistic sentiments in rebar market.
The upward trend in the prices was supported by the mills in the country raising their scrap buying prices by USD 8-10 /MT over the past week.
According to the recent assessment, the reference price index for US origin HMS 1 & 2(80:20) stood at USD 329-330/MT, CFR Turkey. However for Shredded scrap price assessment are at USD 332-335 /MT, CFR Turkey.
Some market participants believe that this rise may continue for September months bookings.Buyers are ready to pay higher as to refill inventories. Billet prices have increased further over supply crunch giving room to scrap suppliers to quote high offers.
Trade-wise updates:
An Iskenderun based producer bought a cargo from a premium US exporter that contained around 15,000-18,000 MT of 80:20 at USD 327/MT, 20,000-22,000 MT of Shredded scrap at USD 334/MT and 2,000-5,000 MT of Shredded at USD 337/MT.
In a recent deal concluded between for 42,000 MT US origin scrap. The cargo sold comprised of 18,000 MT HMS (80:20) at an average price of USD 330/MT; 18,000 MT Shredded at an average price of USD 335/MT and 6,000 MT Bonus at an average price of USD 340/MT, CFR basis.
Turkey domestic rebar prices rise further this week :
Higher raw material cost along with improved demand has further lifted rebar prices in Turkey this week. Domestic rebar prices have increased by USD 5-15/MT W-o-W to USD 500-515/MT ex-works.
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