Since, like the Turkish producers, producers from the
Far East (Vietnam,
Taiwan, and South
Korea) and
India have also been showing strong demand for
scrap,
scrap prices have been on an uptrend globally. As a result of the solid demand for
rebar from
Egypt (in particular) for prompt shipment, Turkish producers have stepped up their
scrap purchases in order to sustain their
production activity. In the past week
scrap prices have been increasing in the market, with a constant flow of deals being observed.
While price levels were last week at $239/mt CFR
Turkey in ex-US HMS I/II 80:20
scrap deals, the price level in this week's deals has increased to $245/mt CFR, and even to $248/mt CFR for Iskenderun port. With regard to deals ex-
Europe, HMS I/II 70:30 has been at $243/mt CFR. Furthermore, in deals concluded to
Turkey from
Sweden and the US, the price levels of cargoes composed entirely of shredded
scrap have been around $250/mt CFR
Turkey.
Meanwhile, it is heard that Turkish finished steel producers are trying to buy high quality
scrap for prompt shipment; however, some deals are also heard for May shipment. As regards large cargoes, offers are currently at $248/mt CFR
Turkey for HMS I/II 80:20; on the other hand, for small cargoes, offers for A3 grade
scrap are currently at $245-250/mt CFR
Turkey.