Ferrous scrap Import market in world’s largest importer Turkey has shown little increase after witnessing sharp downfall of almost USD 35-40/MT within last two weeks. In a recent deal concluded turkey has seen the bottom floor at the price levels even below than USD 300/MT but situation bounce back quickly and prices pick up again for now.
As per assessment, reference index for US origin HMS (80:20) is now standing at USD 303/MT, CFR Turkey, up by USD 4-5 than the offer levels seen in the few deals confirmed in past couple of days.
A market participant from Turkey recently commented on this scenario that –“Though Turkish market slipped suddenly below USD 300/MT level in its latest deal but now those prices are recovered back. We have passed that bottom level quickly and now prices are less likely to fall again.”
The increased shortage for graphite electrode, used in electric arc furnace is continuously increasing the gap between import prices for billet and ferrous scrap in Turkey.
Recent Trade Deals :
1. Netherlands based scrap supplier concluded a deal with a Turkish steel mill – Habas for HMS (80:20) at USD 290/MT, CFR and bonus at USD 300/MT, CFR Turkey.
2. In an another deal reported, Turkish steel maker purchased 6,000 MT bonus and 16,000 MT Shredded and 8,000 MT HMS (80:20) at an average price of USD 310/MT, CFR Turkey.
3. A deal reported earlier fetched 40,000 MT ferrous scrap material from USA seller.In this deal, a Marmara region based buyer ICDAS from turkey booked a cargo containing 10,000 MT HMS 1&2 (80:20) at an average price of USD 301/MT, CFR while 26,000 MT Shredded and 4,000 MT Bonus scrap at an average price of USD 306/MT and USD 311/MT respectively.
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