Significant deals concluded at sharply elevating prices in last two days in Turkey. Which has pushed assessment of HMS (80:20) scrap surprisingly above USD 346/MT, CFR Turkey now.
Importers in Turkey opened the market with very strong buying interest in this week. In a week’s time, assessment for all grades of scrap have gone high by USD 18-20/MT. Around 6-7 January shipment bulk cargo deals concluded in Turkey in last two days which has pushed imported ferrous scrap prices further in Turkey.
Current assessment of USA origin HMS 1&2 (80:20) stands at USD 346/MT, CFR Turkey. Prices have climbed further by USD 11/MT against reported last at USD 335/MT, CFR on Monday. A week ago assessment stood at USD 328/MT, CFR Turkey.
Trade wise –
Three cargoes were sold on Tuesday at notably higher prices than last week’s deals.
1. In the latest trade confirmed, BST- a Benelux seller sold cargo to a Samsun-based mill Yesilyurt consisting of 15,000 MT HMS 1&2 (75:25), 5,000 MT Shredded and 20,000 MT P&S at an average cargo price of USD 350/MT,CFR Turkey.
2. In a deal concluded Tuesday, AIM-a steel recycler from Canada sold 30,000-35,000 MT Shredded, 15,000-10,000 MT HMS 1&2 (90:10) and 5,000 MT P&S at an average price of USD 350/MT,CFR Turkey.
3. In one more deal concluded, Refonda-a seller from Baltic region sold 20,000 MT HMS 1&2(80:20) at USD 343.5/MT and 10,000 MT Bonus at USD 353.5/MT, CFR Turkey to Isdemir-a steel producer from Iskenderun region in Turkey.
While 3-4 cargoes were sold earlier on Monday –
4. Key Export USA sold HMS (80:20) at USD 343/MT, Shredded at USD 348/MT and P&S at USD 353/MT, CFR Turkey respectively.
5. Rensealler- a seller from USA sold HMS 1&2 (80:20) at USD 340/MT, Shredded at USD 345/MT and Bonus at USD 350/MT on CFR Turkey basis to Kroman Steel Corp. in Turkey.
6. Euroscrap sold 40,000 MT cargo to ICDAS, Turkey at an average price of USD 340/MT comprising 20,000 MT HMS 1&2 (75:25), 8,000 MT Shredded and 12,000 MT Bonus respectively.
7. In another deal, TSR- a metal recycler from Europe sold 40,000 MT mix cargo at an average price of USD 340/MT, CFR Turkey comprising 20,000 MT HMS 1&2 (75:25), 8,000 MT Shredded and 12,000 MT Bonus respectively to ICDAS in Turkey.
Recently Chinese Rebar prices have also hiked and hit a near 10-years high amid production cuts. Production cuts in China over environmental issues have declined the Rebar production which has resulted in the sharp hike in the prices. Thus most of the participant believed that the strong demand for scrap in all international markets may lead prices to rise even further.
Turkey Rebar export offers moved up – Rebar export offers from Turkey have increased by USD 5-10 further as the prices are lifted from USD 520-530/MT, Fob last from Monday to USD 535-545/MT, Fob Turkey now. Also, domestic rebar prices in Turkey have increased by USD 8-10/MT to USD 556/MT ex-works. Market participants are bullish on rebar prices as demand is robust and steel mills are aiming to complete the construction activities before winters.
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