Turkish steel mills extended silence this week for bulk scrap bookings. SteelMint reported the last deal concluded by a West Marmara based steelmaker for European origin bulk cargo, comprising of HMS (80:20) at $284/t CFR Turkey.
In another deal, a Western Marmara based steelmaker had booked around 36,000 t bulk cargo, comprising of 12,000 t of shredded at $297/t CFR, 14,000 t of HMS 1&2 (80:20) at $292/t CFR, and a bonus at $302/t CFR Turkey basis.
SteelMint’s assessment for USA origin HMS 1&2 (80:20) stands at $290/t CFR Turkey level, unchanged against last week’s closing. However, prices are down by $5 on w-o-w basis.
Market highlights-
- Negotiation between buyers and suppliers has been slowed down due to low domestic finished steel market trends.
- Turkey’s major rebar producers have lowered rebar offers by $3-5/t w-o-w.
- The market is quiet due to ongoing holidays in China, market participants are waiting to reopen the Chinese market.
- US scrap suppliers seem to hold their scrap offers on strong domestic demand.
- The Turkish Lira weakened further to a record low of 7.9 against the dollar on 8th Oct’20.
Turkish ferrous scrap imports fell by 20% m-o-m in Aug’20- Turkish ferrous scrap imports witnessed a 20% fall in Aug’20 on high prices amid tight availability from US. The country has imported 1.89 mn t in Aug’20 as against 2.35 mn t in Jul’20. In CY19, Turkish ferrous scrap imports stood at 18.83 mn t.
Market insiders expect scrap demand for November shipment is most likely to return from next week.
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