Imported scrap offers to Turkey, world’s largest scrap importer, observed further hike in this week. Price assessment for US origin Shredded scrap is now elevated to USD 320/MT CFR Turkey levels. Offers remained climbing up further from reported lastly on 07th Oct’17 for both HMS 1&2 and Shredded scrap.
Price assessment reference index for USA origin HMS (80:20) now assessed at USD 315/MT CFR. Offers have moved up by USD 10-12/MT on W-o-W basis as it was reported at USD 303/MT, CFR Turkey last week. The price index for premium Bonus scrap material now stood at USD 325/MT, CFR Turkey.
In a recent deal reported, Marmara based steel producer from Turkey booked a European cargo containing 20,000 MT of HMS 1&2 (75:25), 2500 MT Shredded, 2500 MT New Cuttings and 10,000 MT Bonus scrap at an average price of USD 310/MT CFR Turkey for November delivery.
A market participant from Turkey recently commented that –“Turkish market recovered back and prices now stood at an average price of USD 315/MT. Restocking of ferrous scrap seemed to be started as buyers are looking for November deliveries but these offers are less likely to increase sharply further.”
In a deal confirmed earlier, 40,000 MT USA origin scrap was booked at an average price of USD 315/MT containing 25,000 MT HMS 1&2 (80:20); 5,000 MT Shredded and 10,000 MT P&S scrap by Samsum buyer in Turkey.
Three bulk deals have been reported earlier to this each of 40,000 MT scrap from USA concluded at an average price of USD 310/MT, CFR Turkey.
Turkish buyers are booking several cargoes on account of low inventory levels and resistance from European suppliers to sell at lower prices.
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