Turkey is the largest importer of scrap, with a total annual ferrous scrap imports of 17.72 MnT in 2016. For the last few weeks there was no news of Turkey making bookings of ferrous scrap as the Turkish iris was devalued and the referendum was also to be passed. Now, it is heard that there have been some bookings at good prices.
According to the sources, “ICDAS (Turkey’s 2nd largest Steel Company) had a deal with (BST (Belgium Scrap Terminal) for a mixed cargo of 35,000 MT containing 20,000 MT (HMS 1&2 75:25), 10,000 MT Shredded and 5,000 MT (PS HMS 1) at an average rate of USD 262/MT.
Another deal heard BASTUG (One of Turkey’s Top steel Producers) having a deal with WETZEL a US based supplier for a cargo of 19,000 MT (75:25), 5,000 MT (HMS 1), 1,500 (Shredded), 3,000 MT (Bonus), 1,500 MT (Bushelling) at an average rate of USD 261/MT.”
India
The offers in India are heard at USD 300/Mt (Shredded), USD 280/MT (HMS), USD 302 (HMS 1, Middle East), and USD 305-310/MT (PNS). Buyers in India are not active on these offers, they are in wait and watch mood. But as the Rupee is seen appreciating in comparison to Dollar the buyers may return back to the buying soon.
Bangladesh
Bangladesh scrap market is not active as buying activities continues to stay weak and the local demand has dropped down. The buying activities of the country has been effected after the Bangladesh Taka has devalued.
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