Imported scrap buyers in Turkey have increased prices by $5 against the closing of last week. Two deals were heard today after a silence since the beginning of this week. SteelMint’s assessment for US-origin HMS 1&2 (80:20) now stands at $461/t CFR Turkey, slightly up by $5 w-o-w.
Confirmed trades-
- In a recent deal, a Canada-based scrap dealer has sold bulk imported scrap cargo to an East Marmara region-based steel mill. The cargo comprised 18,000 t of shredded, 18,000 t of HMS 1&2 (95:5), and 7,000-8,000 t of PNS at an average price of $470-475/t CFR basis, putting USA origin HMS 1&2 (80:20) at $460-463/t levels.
- A Black sea region-based steelmaker has booked bulk imported scrap cargo, comprising shredded at $466/t, HMS 1&2 (80:20) at $461/t, and bonus (P&S) at $471/t CFR basis.
Market highlights-
Scrap imports in Jan up by 14% y-o-y: Turkey- the world’s largest ferrous scrap importer, observed an increase of 14% y-o-y to 1.93 mn t in Jan’21, as per data recorded with SteelMint. The UK remained the largest supplier to Turkey, followed by Russia and Netherlands. However, on monthly basis, imports have fallen by 13% amid limited buying during the New Year holidays.
Turkey’s crude steel production in Jan’21 up by 13% y-o-y: Turkey’s crude steel output rose by 13% y-o-y basis to 3.4 mn t in Jan’21, according to the figures released by WSA (World Steel Association).
Turkey’s automotive industry expects improvements in 2021: In 2020, Turkey’s market for cars and light commercial vehicles totalled 772,788 units registering an increase of 61.3% as compared to the CPLY. The automotive industry significantly contributes to the country’s economy as one of the leading sectors in Turkey, as per data released by Automotive Distributors Association, Turkey (ODD). An average improvement of 9% compared to 2020 and a production level of 1.5 million units is expected in 2021.
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