Imported scrap trades to Turkey slowed this week, with just a few short-sea bulk cargoes getting booked earlier in the week. Prices have inched down in recent deals after continuous price hikes of the previous five weeks. Export offers may slip in line with lower deal prices in the near-term.
Fresh short-sea deals to Turkey concluded this week
SteelMint assessment for USA origin HMS 1&2 (80:20) is in the range of $283/t CFR Turkey, down by $2/t on a w-o-w basis.
Reasons for slow Turkish trading
- Turkish mills are either bidding at considerably lower prices or remaining out of the market for fresh bookings on active Aug end shipment deals in Jul.
- Strong Euro vs dollar and expensive freight rates are not allowing European suppliers to cut their export offers. 1 Euro is trading equal to $1.18 against compared to 1.15 a month back.
- While scrap stocks are tight in scrap yards, steel manufacturers may switch to pig iron as input, if needed.
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