Towards the end of the week, imported scrap prices in Turkey increased further. According to the latest update received, yesterday a deal of US origin HMS (80:20) scrap has been concluded with a Turkey based steel maker at USD 350/MT, CFR Turkey.
The deal has been concluded at about USD 10 higher than the previous price.
The prices for HMS (80:20) of US origin were earlier seen hovering at USD 340/MT, CFR Turkey. About a couple of days back, a trade deal was concluded for 20,000 MT HMS (75:25) of European origin, 10,000 MT Shredded and 5,000 MT P&S was heard to have concluded at an average price of USD 340/MT, CFR.
Market participant in talk with SteelMint shared that Turkey based steel mills are still maintaining good profit margins despite booking scrap at higher price. Another factor which has motivated steel mills to book scrap at high prices is good demand of rebar, both in domestic as well as overseas market.
Domestic rebar prices in Turkey up by USD 20/MT W-o-W – Rebar prices in Turkey continued its northwards movement this week and was assessed at USD 520-535/MT ex-works against last week’s assessment of USD 500-515/MT ex-works.
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