Turkey the topmost importer of ferrous scrap has witnessed increase in the ferrous scrap import offer prices by USD 9-10/MT as compared to the last week’s prices.
Moreover, presently assessment of HMS I/ II 80:20 at USD 307-308/MT CFR Turkey.
As per market sources, some cargoes were booked at negotiated prices in the 2nd and 3rd week of July, But during this ongoing week, sharp lift has been seen in the offer prices, surprising all the market participants.
A US based scrap exporter booked a cargo of HMS (80:20) at USD 308-309/MT. However European origin HMS (90:20) is around USD 307-312/MT, CFR.
Scrap trades remain less active:
Some participants were little confused about these contradictory sales and some of them prefer to ‘wait and watch’ till the situation gains further clarity. Thus, trades remained limited.
Rebar prices in Turkey also move northwards:
Turkey’s scrap market is expected to shift on higher tradeable level in the coming weeks looking at increasing finished steel demand and hike in billet prices.
The domestic Rebar prices were assessed at USD 480-495/MT Ex. works, up USD 5-10 /MT compared with earlier week’s prices owing to increase in steel prices in China.
Domestic finished steel sales in Turkey continue to remain strong.
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