Imported scrap prices in Turkey have come down by USD 12-14/MT W-o-W in recent deals concluded in the market. Scrap prices have been moving down in Turkey over the weak sentiments in steel exports market.
After witnessing thin trades last week, Turkey observed a couple of deep sea activities this week. Importers booked two-three April shipments cargoes at further tumbled prices. A recent deal results in price assessment of USA origin HMS 1&2 (80:20) scrap at USD 354/MT, CFR Turkey, down by USD 12-14/MT against the last report of USD 366-368/MT in the last week.
However, trading activities have remained dull and deep sea cargo bookings have remained on the lower side.
In a most recent deal reported, an importer ICDAS based in Marmara region in Turkey booked 25,000 MT mix cargo comprising 17,000 MT of HMS 1&2 (75:25), 4,000 MT Bonus and 4,000 MT Busheling scrap at an average price of USD 355.5/MT respectively.
In a deal confirmed in the beginning of the week, the same importer ICDAS from Marmara region booked European mix cargo containing 19,000 MT of HMS 1&2 (80:20) at USD 356/MT, 9,000 MT of HMS 1&2(90:10) at USD 361/MT, 5,000 MT of shredded at USD 361/MT and 5,000 MT of bonus at USD 366/MT, CFR Turkey basis respectively. This shipment is due for May delivery.
Earlier to this, a steelmaker in Turkey bought 15,000 MT of HMS 1&2 (75:25), 10,000 MT of shredded, 5,000 MT of P&S, 15000 MT of new cuttings from a Belgian exporter at an average price of USD 358/MT CFR Marmara. According to sources, this cargo is booked for April delivery.
There were rumors about USA based supplier has sold HMS (80:20) at around USD 347.5/MT in a deal. However, sources confirmed that this deal was not concluded in the market.
Imported scrap market in Turkey has observed few trades last week from Baltic and Europe based suppliers breaking the silence for past few weeks. Turkey had remained silent in terms of imported scrap purchases for a couple of weeks in March to get a clear direction from US imposition of tariffs on steel import under section 232.
Few trade sources said that they have still not purchased enough material for April shipment. So in near term, the mills might book scrap for end April and May months shipments actively to fulfill their requirement which may lead to increase in imported scrap prices.
However, following increasing purchase activities from Baltic and European suppliers to Turkey as compared to USA materials has resulted in scrap export offers from USA to come under pressure.
Turkeys’ rebar export offers decline further – Rebar trade activities in Turkey remained limited again this week as participants kept eyeing for stability in offers. Turkey rebar export offers have decreased by USD 15-20/MT on W-o-W basis to USD 560-570/MT, FoB Turkey. Domestic rebar offers in Turkey also fell by USD 15/MT W-o-W to USD 570-590/MT, ex-works.
Leave a Reply