Imported scrap prices in Turkey moved up in recent deals concluded over the strengthening of both demand and prices for finished steel in the country.
After witnessing a fall of around USD 33-35/MT in last one months’ time, imported scrap prices in Turkey have climbed up by USD 7-8/MT in the deals concluded recently. The price assessment of USA origin HMS 1&2(80:20) moved up to USD 350/MT, CFR Turkey. Which was last assessed at USD 342/MT, CFR Turkey in the few deals concluded touching bottom earlier this week.
In a trade deal concluded, an Iskenderun region based importer booked 45,000 MT cargo comprising 23,000 MT of HMS 1&2(80:20) at USD 349.5/MT, 20,000 MT of Shredded at USD 354.5/MT and 2,000 MT P&S scrap at USD 359.5/MT respectively on CFR Iskenderun basis. According to sources, this cargo was sold for second-half March shipment from USA based leading scrap supplier.
In another deal concluded the same day, an Izmir based scrap importer booked 40,000 MT cargo comprising 20,000 MT HMS 1&2(75:25), 10,000 MT of Shredded and 10,000 MT Bonus scrap respectively at an average price of USD 346/MT, CFR Izmir basis. This European cargo was sold for first half March shipment by a leading scrap supplier from Netherlands.
Turkey rebar export offers move up amid improving demand –
Demand for finish product has jumped up again after few days of less trade activities in Turkey. Following rebar export deals getting concluded, export offers increased to USD 550-560/MT, FoB Turkey. These prices have climbed up almost USD 15-20/MT on W-o-W basis. Also, rebar prices in Turkey’s domestic market moved up by USD 10-20/MT W-o-W. Most of the participants believe that both rebar export and scrap import prices would remain strong in coming days.
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