SteelMint learned from industry participants that Turkish steel mills observed recent deals at further declined prices amid continuing bearish demand in finish steel markets. Steel mills booked more cargoes from Baltic suppliers but no fresh deal has been reported from US suppliers against that was reported during closing last week. Ongoing Ramadan slowdown kept containerized scrap trades limited to Asian countries.
In the most recent deal, a Marmara based steelmaker concluded a bulk cargo from Baltic supplier comprising 25,000 MT HMS 1&2 (80:20) at USD 283.5/MT and 5,000 MT of Bonus at USD 293.5/MT, CFR Turkey for 20th June shipment.
Another deal to Izmir based steelmaker was heard by Baltic suppliers at USD 282/MT, CFR but the confirmation on this deal hasn’t received till the publication of this report.
Earlier to this, a Baltic origin deal was reported in the beginning of this week comprising 10,000 MT of HMS 1&2 (80:20) at USD 286/MT, CFR, 12,000 MT of Shredded at USD 291/MT and 3,000 MT Bonus at USD 296/MT, CFR Turkey.
SteelMint’s reference price for US origin HMS 1&2 (80:20) scrap stands at USD 288-289/MT, CFR Turkey. While assessment of Europe origin stands at around USD 283-284/MT, CFR. A premium of US material over Northern European scrap stands at around USD 5-6/MT.
Bearish sentiments in Turkish rebar markets continued for another week with export offers dropped in the range USD 460-470/MT, FoB on actual weight basis amid limited buying interest observed in the market. On weak currency Lira (TRY) against USD, local scrap prices in Turkey also dropped by USD 5-10/MT further.
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