Domestic scrap
prices continue to fall in Turkey from last week in line with the weakening
import prices. Late last week, a largest integrated mill has reduced its buying
price for bundle scrap by $11/MT to $393/MT ex mill. Domestic scrap is now hovering
at $323-393/MT for all grades, down by $20/MT from beginning of last week.
Further, Turkish mills booked at least 5 Deep
Sea cargoes of scrap this week from the US East Coast at $370/MT CFR for HMS (80:20).
Around 200,000 MT of scrap were sold from US suppliers, material to be delivered
in late October to November.
Market source feel that Turkish buyers are in
need of scrap. Black Sea suppliers are not willing to correct their prices and
offering material at higher prices.
A major scrap buyer in Turkey has booked
Baltic Sea cargo with an average price of $372/MT CFR for 27,000 MT of HMS 1
and 14,000 MT of shredded material.
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