Imported scrap trades have been slowed down to Turkey with the start of Ramadan festival. Market participants kept themselves away to understand the market schedule during ongoing Ramadan month. Meanwhile, there were a lot of offers available in the market against less demand, which kept prices under pressure, SteelMint understands.
Imported scrap offers have come down slightly on limited demand. SteelMint’s assessment for US-origin HMS 1&2 (80:20) now stands at $430/t CFR Turkey, down by $5/t w-o-w.
- SteelMint has reported last trade on 13th Apr’21 in which, US based scrap dealer has sold bulk cargo to Turkish mill. The cargo comprised 5,000 t of shredded, 25,000 t P&S, and 20,000 t HMS (95:5) at an average price of $445/t CFR Turkey basis. Scrap suppliers continue to hold a positive price outlook for the near term.
- In another deal heard before the holidays, the same US based supplier has sold another bulk cargo to different Turkey-based steel mill, comprising of 35,000t of HMS 1&2 (95:5) and 15,000t of shredded at an average price of $436/t CFR Turkey basis. Though, the deal was unconfirmed till the time of publishing this report.
Market sentiments:
Lira appreciates slightly against the $: National currency has gain value slightly against the $ as compared to last two weeks. Currently, 1TRY is being traded at $8.04 levels, as compared to 8.15 level a week back.
Turkish ferrous scrap imports rise marginally in Feb’21: Turkish scrap imports rose y-o-y in the second month of 2021 and recorded a 12% yearly increase. This is in line with the rise seen in Turkish mills’ crude steel output. It registered an increase by 6% and produced 3.0 mn t as per figures released by World Steel Association (WSA) Netherlands stood the top exporter of scrap to Turkey at 0.43 mn t in Feb’21 registering a two-fold increase m-o-m.
Outlook: However market awaits fresh Turkish cargo booking for clear price direction and trades are likely to happen next week.
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