Turkish scrap buyers resumed their bookings towards the end of last week, after the week-long Eid holidays. Interestingly, prices have dropped in recently booked deep-sea cargoes, sources confirmed to SteelMint.
SteelMint’s assessment for US-origin HMS 1&2 (80:20) now stands at $470/tonne (t) CFR Turkey. Scrap prices have dropped further by $10/tonne (t) w-o-w. Notably, prices have dropped by around $30/t in total throughout the month.
Recent deals
- A US bulk cargo was booked by an East Marmara steel mill, comprising 10,000 t of HMS 1/2 (80:20), 25,000 t of shredded as well as 15,000 t of bonus material. While the heavy melting scrap (HMS) was sold at $475/t CFR, the shredded and bonus material fetched $495/t CFR, sources confirmed. The deal was finalised for Aug’21 shipment.
- In another deal concluded this week, a US-origin scrap dealer sold mix bulk cargo to a West Marmara region-based steel mill. The cargo comprised of HMS 1&2 (80:20) at $471/t, shredded, and bonus at $486/t CFR basis.
Imported scrap buyers would like to stay in the market as current prices are at workable levels. Weaker finished steel prices may result in lowering of imported scrap prices, sources mentioned.
Turkish market highlights
- Central bank hikes inflation forecasts for 2021-22: Turkey’s Central Bank on July 29 increased the country’s year-end inflation forecast to 14.1% for this year, up from 12.2% in its previous report.
- Lira vs $ unchanged: The national currency, Lira, is currently being traded at TRY 8.52 levels against the $, which reportedly remained unchanged w-o-w.
- Rebar prices remain firm: Turkish rebar export offers were largely firm at $735/t FoB levels towards the closing of last week.
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