Following a global price uptrend, imported scrap prices in Turkey have increased further this week. Nearly four deep-sea bulk scrap cargo bookings were reported. SteelMint’s assessment for USA origin HMS 1&2 (80:20) stands at $305/t CFR Turkey, up by $8 w-o-w.
Recent Turkish Deals-
Source: SteelMint Research
Turkish market highlights-
- Frequent fluctuations in the currency exchange rate are one of the reasons that kept buyers stand still for a clear marker picture. Turkish Lira gain value over one month high since the beginning of Oct as the new central bank governor assumed the charge and $1 is trading equal to 7.8 Lira as compared to 8.46 a week ago.
- Many scrap suppliers have left with a minimal quantity of scrap on low scrap generation and they are even targeting around $310 level for Jan’21 cargo shipments. While other market insiders consider that there is room for Dec’20 shipments, perhaps it’s too early book for Jan’21 shipments
- Domestic finished steel prices have strengthened on increased scrap offers with mills like ICDAS raising rebar offers. however, demand remains slow.
Leave a Reply