Turkish
steel manufacturers expect demand to rise in coming weeks for finished products
from both international and domestic market. Thus, offers to Turkish mills for
ferrous scrap from US origin rise up by US$ 5-10/MT from last week.
At the
beginning of the week, Turkish mills booked more deep sea scrap cargoes at
higher prices than last week in order to replenish their stocks for the time
when demand for finished products is recovering, especially in the domestic
market.
A cargo
of mixed material HMS (80:20) of around 11,000 MT and the same quantity of
shredded material was sold with an average price of US$ 429/MT CFR Turkey.
Further,
a US supplier also sold about 35,000 of HMS 1 & 2 (80:20) at US$ 427/MT and
5,000 MT of shredded scrap at US$ 432/MT CFR Turkey, up by US$ 5-10/MT from
last week.
However, offers to India for ferrous scrap corrected as suppliers have
cut their prices to attract more importers into the market. HMS (80:20) quoted
at US$ 430-435/MT and shredded scrap at US$ 440-450/MT CFR Nhava Sheva, Mumbai
i.e. down by US$ 5/MT from previous quote. Enquiries for the product have
increased from importers that have made exporters reduce their offers to close
some fresh deals.
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