Turkey-based importers continued scrap bookings mostly for June deliveries, Offers from suppliers have moved down as buying interest improved further in recent deals concluded.
Importers in Turkey continued ferrous scrap bookings amid further softening prices again this week. Baltic suppliers which were quoting higher last week have compromised earlier levels and few deals are reported at declined prices mostly for June deliveries.
According to SteelMint’s assessment, recent deals concluded at fallen prices pulled the price assessment for USA origin HMS (80:20) scrap down at around USD 334/MT, CFR Turkey down USD 4-5/MT against last week close.
This put the premium for US material over Northern European HMS 1&2 (80:20) at USD 9-10/MT.
Trade-wise Turkey scrap updates –
1.A steel mill in the Iskenderun region booked a Baltic sea cargo yesterday, comprising 28,000 MT HMS 1&2 (80:20) at USD 333/MT, minimum 4000 MT Bonus scrap at USD 343/MT and a minimum 1000 MT of Rail at USD 348/MT, CFR Turkey.
2. Another steel mill booked a 25,000 MT cargo comprising 18,000 MT HMS 1&2 (75:25), 3000 MT of Shredded and 4000 MT of Bonus at an average price of USD 335/MT, CFR Turkey.
3. ICDAS one of the leading scrap importer booked a Russian cargo containing 15,000 MT scrap comprising 9000 MT HMS 1&2 (80:20) at USD 331/MT and 6000 MT Bonus at USD 341/MT, CFR Turkey
4. ICDAS also booked a European cargo comprising 26,500 MT HMS 1&2 (80:20), 10,000 MT Shredded and 10,000 MT Bonus at an average price of USD 336/MT,CFR Turkey.
Lira appreciates marginally in last couple of days – After witnessing record low value of Turkish currency Lira against USD. It has appreciated slightly in last couple of days. Today USD/TRY rate stood at 4.46 which was trading at around record low of 4.86 on 23rd May’18. Appreciating Lira could have supported Turkish buyers to book more volumes of scrap.
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