The imported ferrous scrap market in world’s topmost importer turkey has seen further drop in the prices yesterday after few more deals were reported at lower prices.
SteelMint’s reference index for US origin HMS (80:20) now stands at USD 339-340/MT, CFR Turkey which has fallen by USD 5-6/MT further in a single day as the day before prices were assessed at USD 345/MT, CFR Turkey.
Several sellers remained aggressive in competition to sold materials. Various offer levels registered within a day as the bids heard wide spread in the range of USD 325-345/MT, CFR Turkey.
“The price levels in Turkey have recently slipped just under USD 340/MT, CFR. But most of the traders and buyers believe that the prices won’t fall much as the supply dynamics will alter in upcoming winter ”-a market participant shared with SteelMint.
Most of the US suppliers remained offering firm at USD 340/MT, CFR Turkey though no two accounts for bids assessed alike.
Offers from topmost exporter Europe heard firm at USD 335/MT, CFR but few offers from Canada based sellers assessed with a targeted average price at USD 325/MT, CFR for available cargoes.
Many of the traders remain indicating the softening of the market further by USD 5-10 but it is hardly to fall further as the upcoming winter may affect the scrap collection rates in the topmost supplier countries.
Rebar export offers in Turkey have increased marginally and are seen in the range of USD 550-560/MT, FoB against the previous assessment of USD 545-550/MT, FoB. Billet export offers in Turkey remained stable this week at USD 530-540/MT, FoB.
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