Imported scrap prices to Turkey showed sharp fluctuation in recently concluded deals. Prices have moved up by $10 as compared to the closing of the last week. Buyers are actively booking fresh slots for Mar’21 shipments on increased domestic finished steel demand. Suppliers are even targeting $415-420/t CFR level, as market insiders consider that there is room for more bookings for March shipments.
SteelMint’s assessment for US-origin HMS 1&2 (80:20) now stands at $405-410/t CFR Turkey, slightly up by $13 as compared to last week.
In the latest deal concluded, a USA based scrap supplier has sold 30,000 t bulk scrap cargo to Mediterranean region based steel mill. The cargo comprises 22,000 t of HMS 1&2 (80:20) at $410/t, 4,000 t of shredded at $415/t and 4,000 t of bonus at $420/t CFR Turkey basis.
Prior to this, few more have concluded recently-
Market sentiments-
Turkish lira gains value against $- Turkey’s currency, Lira (TRY) gained further against the $. Currently, $1 is trading equal to TRY 7.05 vis a vis 7.16 a week ago.
Spot iron ore price increases amid mixed market sentiments– Spot price for iron ore fines (Fe 62%) increased by $2.5 yesterday to $165.95/t CFR China following supportive iron ore futures market. Although, there were mixed sentiments in the spot market about iron ore demand and price trends for the near-term. Chinese iron ore futures moved up by RMB 10 yesterday to close at RMB 1,071.5/t, as per SteelMint’s assessment.
Outlook– Turkish buyers likely to actively book fresh cargoes for Mar-Apr shipments as imported scrap prices may remain supportive on positive secondary market sentiments in the near term.
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