It is reported that
Ferrous Scrap offers to Turkey might move to its below December 2010 level.
Lower demand for Re
bar (which has also lowered the demand for Scrap from Semis manufacturers) in
the domestic market and strong value of Dollar in currency market have prompted
Turkish importers to stay out of the market. They are expecting offers to come
down further to take fresh positions in the market.
A recent deal was
concluded on Thursday at an average price of US$ 403/MT CFR for 30,000 MT of mixed
cargo from a North American supplier. The cargo includes 12,000 MT of P&S
Scrap, 12,000 MT of shredded scrap and 6,000 MT of HMS I.
Ferrous Scrap offers
to Turkish mills have declined sharply by US$ 40-50/MT CFR during May.
According to a market
source, “Ramadan is approaching, when construction activities remain slow in
the country and demand for long products goes weak. Though stock are low at
Turkish mills, but steel buying is negligible too.”
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