Imported ferrous scrap prices in Turkey has witnessed corrections this week after recent deal getting concluded at USD 5/MT less than previous week’s assessment.
SteelMint’s reference price assessment index now stood at USD 350/MT, CFR Turkey against USD 356/MT last week.
An Iskenderun based EAF steel mill booked a premium US origin scrap for October delivery containing 10,000 MT HMS (80:20) at USD 350 /MT, 12,000 MT Shredded at USD 355/MT and 3000 MT bonus scrap at USD 360/MT respectively.
Overall scrap market remained weak this week, also there were not substantial trading activities as expected by most of the participants in Turkey.
Several sellers were present in competition in the scrap market which has held the imported scrap offers range bounded and even resulted in lowering the offers closely towards the end of this week.
The support from complementary markets had not diminished as the rebar and billet prices remained stable throughout the week in Turkey.
Market participants are expecting a few more cargoes to be traded at similar prices for one more week as prices are less likely to increase further.
Turkey has witnessed a rise in its ferrous scrap imports by 57 % M-o-M with 2.02 MnT imports in Jul’17 against 1.29 MnT ferrous scrap imports in Jun’17. The rise in scrap imports could be attributed to increased demand for finish steel and trading activities in Turkey.
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