Friday, February 25,
CFR Turkey prices moved upwards slightly, with market participants nervous however as the political crisis continues to unfold and spread to other regions of the Middle East.* This week, Kuusakoski of northern Europe sold HMS 80:20 (1&2) and shredded at $448/MT and $453/MT respectively to a Turkish mill, CFR basis
The weaker sentiment in the Turkish market was also reflected in the European scrap markets this week. French and German shredded scrap fell this week to levels of around $440/MT.
Traders also informed of rumors that eleven ferrous scrap cargoes will soon depart for China. A US trader added, “It’s normal after the Chinese New Year period that traders are now restocking.”
In the Indian market, traders reported that price levels jumped up in the local market by around $20/ton earlier this week but settled by Wednesday. “Right now, the Indian market seems to be dead. At the moment, Indians are bidding at $475-480/ton for material. Some interest however does seem to be coming from the Vietnamese players who are bidding $454/ton right now”, a trader said.
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