SteelMint learned from industry participants that Turkey’s imported scrap market has turned uncertain at the moment as no major trade deal has been reported since the beginning of this week after a sharp price correction of USD 10-15/MT observed in the closing last week.
Turkey-based steel mills are waiting for improvement in finish steel demand before buying scrap. Few mills were interested in March-April shipment cargoes at corrected prices, on the other hand, sellers started resisting pressure as high collection prices in Europe and strengthening of the domestic market in the US retain sellers optimistic about the recovery in offers for March shipments.
According to SteelMint’s price assessment, US origin HMS 1&2 (80:20) scrap stands at USD 310-313/MT, CFR Turkey mostly unchanged against the last report in the closing of last week. While HMS 1&2 (80:20) of Europe origin stands at around USD 305-306/MT, CFR. A premium for US material over Northern European scrap remains at around USD 8-9/MT.
On last Friday, a Baltic supplier had sold a cargo comprising 25,000 MT HMS 1&2 (80:20) at USD 307/MT and 5,000 MT Bonus scrap at USD 317/MT to an Iskenderun based steel mill.
Turkish steel mills are interested in remaining March shipment cargo bookings with HMS 1&2 in the range USD 300-310/MT levels, however, suppliers continue targeting USD 310-315/MT, CFR Turkey for March shipments and may offer slightly lower levels for April shipments.
Rebar export offers continued softening on dull demand – Turkey’s rebar export offers were reported in the range USD 490-500/MT, FoB Turkey lower by 1% W-o-W. Moreover, CIS rebar export offers stand stable in the range of USD 475-490/MT, FoB levels on Black Sea port basis on W-o-W.
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