Friday, February 18,
Mixed signals arrive from the Turkish ferrous scrap market, as mills are now attempting to buy at lower levels after having booked several cargoes between last Friday and Tuesday, traders inform.*
“Turkish mills are trying to push prices down further but they seem to have been unsuccessful so far. It is still unclear how the situation will evolve”, a trader said. But according to sources, as of Thursday deal prices “for HMS short sea to Turkey were already down to $425/ MT. For Russian material Turkish mills could pay $430/MT”
In India, although scrap demand was not totally absent this week, UK sellers refrained from exporting material there, as supply was scarce in their domestic market. “Indian scrap purchasers are struggling to receive material from the UK,” a British exporter said. CFR offers to Nhava Sheva for shredded scrap were made at $465/MT this week, but “no one is buying at those price levels,” he underlined. A small cargo of 2-3,000 MT was heard exchanging hands this week at $470/MT CFR
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