After booking a number of cargoes at sharply falling prices at the end of the last week, Turkish steel mills remained silent in the opening of this week. A single deal confirmed on Monday was booked at slightly upward moved prices at USD 363/MT, CFR Turkey.
In a deal reported, A steel mill in the Iskenderun region booked a US cargo, comprising 12,000-15,000 MT P&S at USD 373/MT, 6,000 MT Shredded at USD 368/MT and 38,000 MT HMS 1&2 (80:20) at USD 363/MT, CFR Turkey.
Thus, the price assessment for US origin HMS 1&2 (80:20) is at USD 363/MT, CFR Turkey.
In the last week, prices dropped sharply to USD 360/MT, CFR Turkey and significant quantities of scrap were booked from Turkish buyers. Prices were down by USD 15/MT on W-o-W from peak achieved at USD 376/MT, CFR Turkey.
Imported shredded scrap prices increased by USD 5/MT in a recent deal and many of the steel mills were in negotiations to put US suppliers under pressure. The market has stabilized temporarily and the demand from Turkish steel mills is expected to pick up soon.However, most of the participants remain ambiguous about unclear market direction.
Buyers from Turkey are expected to book few more deals for February and around 15 cargoes for March shipments amid which large price movement is hardly anticipated by most of the steel mills.
Turkey rebar export offers fell on W-o-W basis – Demand for finish product have come down in Turkey following which rebar offers fell to USD 555-565/MT, FoB Turkey. A week ago, offers for rebar were at USD 565-570/MT, FoB Turkey.
Leave a Reply