Turkeys’ imported scrap buyers continued with their restocking this week at lower price levels. Buyers managed to achieve further discounts at quoted offers in recent deals. Meanwhile, the prices have dropped to over 2.5-months’ low, as per data maintained with SteelMint. However, market activities remained slow due to limited finished steel demand.
SteelMint’s assessment for US-origin HMS 1&2 (80:20) stands at $463/tonne (t) CFR Turkey, down significantly by $13/tonne (t) w-o-w.
Recent deals –
Lira vs dollar firm: The national currency, Lira, maintained its stability and remained unchanged for yet another week. The Lira traded at TRY 8.52 levels against the dollar, which remained constant w-o-w.
Turkish mills have already booked enough volumes for Aug shipments and are now booking scrap cargoes for Sept shipments. Thus, the mills are under no hurry to book scrap vessels.
On the other hand, dull finished steel demand is another factor which has held them back from making aggressive bookings. The mills seem to be eyeing lower imported scrap offers for placing newer orders.
Tracking decline in imported scrap prices, domestic scrap prices in Turkey have also come down by TRY 100-300/t in early Aug against end July.
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