After the many rumors heard in Turkey’s import scrap market at the start of the week, one ex-US scrap deal has been disclosed to the market.
An Izmir-based Turkish mill has concluded a deal from the US, with the HMS I/II 80:20 scrap price in the transaction at $285/mt CFR Turkey. Prior to the booking in question, the SteelOrbis daily price for ex-US benchmark HMS I/II 80:20 scrap was at $283-285/mt CFR.
The main question in the markets at the start of the current week was what trend would be seen in China after the long holiday (October 1-8) which continued into last weekend. The first indicators from China are positive: finished steel prices are rising amid production restrictions in the Tangshan region aimed at reducing pollution. However, the local Turkish long steel market has witnessed some price corrections in the face of slow demand. Also, some unofficial discounts in mills’ actual rebar sales are reported by market sources. According to the sources, there are still suppliers in the Turkish market seeking to conclude sales, while some negotiations are underway. Prices have some further room for downward movement, according to some market sources, while others think that current scrap quotations may receive support if Turkish suppliers succeed in concluding some domestic and export sales.