Import scrap prices for Turkey move up

Tuesday, 07 February 2017 14:57:10 (GMT+3)   |   Istanbul
       

Import scrap prices in Turkey, which had started to follow a declining trend as of the first week of January and subsequently recorded sharp decreases, gave signals of a possible rebound as of the beginning of February with suppliers especially those in the US and the Baltic region facing difficulties because of their high costs. Although HMS I/II 80:20 scrap quotations from the UK and Europe declined to $220/mt CFR last week, it was observed that the suppliers in the US and the Baltic region failed to reduce their scrap offers below $240/mt CFR and $235/mt CFR, respectively. With European suppliers increasing their scrap prices in the current week, their HMS I/II 75:25 scrap quotations for Turkey have now reached $240-241/mt CFR.
 
Although prices of iron ore and Chinese billet have softened following the Chinese New Year holiday, import billet prices for Turkey are still far from attractive compared to scrap quotations when it comes to considering rebar production costs. With the Turkish lira gaining strength slightly against the US dollar, it is observed that Turkish steel mills' finished steel sales have revived slightly. If Turkish producers' finished steel sales to their export markets also improve in the coming days, the producers may accelerate their scrap purchases.
 
Today, February 7, a Turkish steelmaker has opened a scrap procurement tender and, although no offer has been heard from the US or the Baltic region yet, HMS I/II 80:20 scrap offers from these regions are expected to be higher than $250/mt CFR.

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