Since last two weeks, imported scrap prices in Turkey have been ascending up. In the recent deals concluded this week for March shipments the price assessment of USA origin HMS 1&2(80:20) edged up by USD 2/MT at USD 355/MT, CFR against last week.
Strengthened prices and demand for finish steel in last 2-3 weeks have resulted in increased scrap import activities in Turkey. In the beginning of this week, another bulk cargo for March shipment sold at slightly increased prices in Turkey.
In a recent trade deal concluded, an Iskenderun region based importer booked 22,000 MT cargo comprising 17,000 MT of HMS 1&2(80:20) and 5,000 MT of Rail at an average price of USD 355/MT, CFR Turkey. According to sources, this cargo was sold for second-half March shipment from UK based leading scrap supplier SIMS.
This deal has pushed price assessment of USA origin HMS 1&2(80:20) up by USD 2/MT to USD 355/MT, CFR Turkey. However, last reported price assessment was at USD 353/MT, CFR Turkey in the deals concluded towards last week’s closing.
While depreciating Euro against Dollar has resulted in more attractive for Baltic suppliers to place offers. In last 5 days, Euro/USD exchange rate dropped from 1.255 to 1.229 today.
In a deal concluded earlier to this, an Izmir based steel mill booked a Russian cargo of 36,000 MT comprising 30,000 MT HMS 1&2(80:20) at USD 355/MT and 6,000 MT of Bonus at USD 365/MT, CFR Izmir. Russian supplier sold this cargo for March shipment.
The improved sentiments for scrap in the market supported suppliers to expect for further increase in the offers and anticipations are now of USD 360/MT levels again for HMS 1&2 (80:20) and few of them are likely to start April shipment offerings in near terms.
Turkey rebar export offers increase marginally – Demand for finish steel remained strong and steel mills concluded a lot of sales in both local and overseas markets. Rebar export offers have increased slightly to USD 570-580/MT, FoB Turkey and local rebar prices to USD 580-595/MT, ex-works in Turkey’s domestic market. Mills are giving preference to domestic sales as prices are comparatively higher.
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