Turkish mills hope for decreases in scrap prices

Wednesday, 16 May 2012 17:40:45 (GMT+3)   |  
       

Due to expectations of a price softening, Turkish mills, which are in need of prompt shipments for scrap, have not yet started to conclude scrap transactions. Most scrap suppliers from Europe and the US are ready for sales without preliminarily setting any price level  - as Turkish mills have not been willing to make purchases and also due to the strength of the US dollar against the euro. In this context, expectations for a price decrease have gained strength. Turkish steel producers are waiting for ex-Europe scrap prices to decrease initially and then to see if ex-US scrap offers, which have remained neutral for some weeks, will follow this downward price trend. On the other hand, Turkish mills are cautious about concluding scrap deals as the finished steel market has remained stagnant.

With decline of the US dollar-euro exchange rate to 1.26 as of today, May 16, mills' general price anticipation for ex-Europe HMS I/II 80:20 scrap prices is not higher than $430-433/mt CFR. In the meantime, taking these price levels as a base, mills believe that ex-US HMS I/II 80:20 scrap prices should be ranging at $440-445/mt CFR, but not higher that this level. While Turkish mills have expectations for these price levels, no new offers have been heard to confirm these levels yet. On the other side, some ex-US scrap deals to the Far East have been heard from market sources.


Similar articles

Import scrap prices in Bangladesh mostly stable in new deals

29 Mar | Scrap & Raw Materials

Local Italian scrap market still sluggish, prices stable

29 Mar | Scrap & Raw Materials

Mexican domestic scrap prices

28 Mar | Scrap & Raw Materials

Carbon and stainless scrap prices in Taiwanese domestic market - week 13, 2024

28 Mar | Scrap & Raw Materials

Turkey’s deep sea scrap prices stabilize at $385-390/mt CFR

28 Mar | Scrap & Raw Materials

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

US scrap market still expecting sideways pricing in April

27 Mar | Scrap & Raw Materials

Ex-US deep sea scrap prices to Turkey increase, ex-EU prices relatively stable

27 Mar | Scrap & Raw Materials

Downtrend reverses in Pakistan’s import scrap segment

27 Mar | Scrap & Raw Materials

Average local Chinese scrap prices rise amid tight supply after previous decreases

27 Mar | Scrap & Raw Materials