Imported scrap prices to Turkey have rebounded in recent bookings concluded for deep-sea bulk cargoes for May shipments. Suppliers have started quoting higher-level offers for June shipment cargoes. Buyers are expecting that offers are likely to go up further before Eid holidays.
Imported scrap offers have observed various fluctuations throughout the week, as prices came down earlier this week and now have moved up in recent trades. SteelMint’s assessment for US-origin HMS 1&2 (80:20) stands at $425/t CFR Turkey, up by $5/t w-o-w.
Recent trades-
Market sentiments
Turkish Lira depreciates w-o-w: National currency Turkish Lira has depreciated against the $ as compared to last week. Currently, 1TRY is being traded at $8.25 levels, as compared to the 8.04 level a week back. US-Turkey relations are becoming worse day by day and this has kept the lira under pressure, as per media reports. It is expected that Lira may touch $9.00 in the near term.
Spot iron ore price soars to 10-year high on strong demand from China: Spot iron ore price jumped to a 10-year high since Feb 2011, amid concentrated demand for mainstream medium to high-grade fines from Chinese buyers. The price for Fe 62% fines yesterday rose to $187.75/t CFR China .
In addition to it, hike in billet offers and supportive Chinese finished steel futures have kept market sentiments positive.
Outlook: Turkish scrap prices are likely to strengthen in near term. However, continuous fluctuation in Lira still remains a concern.
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