Imported scrap prices into Turkey regained momentum after the latest deal came into light yesterday. SteelMint’s assessment of US-origin HMS 1 & 2 (80:20) prices is at $665/tonne (t) CFR Turkey, up by around $10-15/t w-o-w.
Recent deals:
- In the recent round of deals, a USA-origin cargo comprising 32,000 t HMS (95:5) was booked at $677/t CFR, 10,000 t shredded was traded at $692/t CFR and 8,000 t PNS at $692/t CFR Turkey, by a steel mill based in the Mediterranean region.
- A west Marmara region-based mill booked a Europe-origin cargo comprising 25,000 t HMS (80:20), 5,000 t shredded, PNS, busheling and 2,000 t rails at an average price of $645/t CFR.
- A Baltic-origin cargo comprising HMS (80:20) was booked at $645/t and shredded material at $685/t CFR Turkey by a steel mill based in Mediterranean region.
- A Europe-origin cargo of HMS (80:20) was booked at $640/t CFR by the same Mediterranean region-based mill.
Current market scenario:
- Lira depreciates against dollar: The Turkish lira continued to decline against the dollar after remaining stable last week. Currently, lira is being traded at 14.72 against the dollar in the currency exchange market. Mills are waiting for the Central Bank’s decision and expect that lira may get more value, which will give a chance to buy low-priced steel.
- Local billets offers gain: Trading activities in the local billets market slowed down while purchase prices continued to increase. Local billets prices in Turkey stand at $930‑950/t exw versus $880‑890/t exw last week. However, these offers are not workable, market sources said.
- Turkey longs prices continue uptrend: Turkey’s largest steel producer ICDAS announced another hike of $10/t in longs prices amidst strong domestic steel and scrap markets. Current prices stand at $950/t exw-Biga and $961/t CFR Marmara.
Outlook
As per market sources, the future trend is unclear as buyers are in a wait and watch mode. However, the finished steel market may remain supportive in the country.
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