Imported scrap prices in Turkey reported a rebound after hitting 6 months low in recent trades.
SteelMint learned from industry participants that Turkish imported scrap market has observed a recent deal at sharply recovered prices. As Turkish steel mills turned interested by raising their bids by USD 8-10/MT in the market, sellers seem to have started accepting the new levels. With the recent news of US-China meet, expectations have turned positive about the global trend in the short terms.
In a recent deal reported, one of the US origin suppliers heard to have sold HMS 1&2 (80:20) at USD 293/MT, Shredded at USD 298/MT and Bonus at USD 303/MT, CFR Turkey.
SteelMint’s assessment of US origin HMS 1&2 (80:20) scrap has recovered to USD 292-293/MT, CFR Turkey, up by USD 12-13/MT against the last report on Thursday. While assessment of European origin HMS stands at USD 287-288/MT, CFR Turkey.
As per market sources report, few steel mills are still expected to wait for more deals in order to have clarity on the price trend. However, with a long standoff observed between suppliers and buyers about bids and expectations, no major deal had reported earlier this week.
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