Turkish mills almost complete their scrap purchases for August
Tuesday, 16 July 2013 15:17:37 (GMT+3)
|
Istanbul
Despite the start of Ramadan, Turkish steelmakers have accelerated their scrap purchases since last week. In the local Turkish market, several scrap deals have been concluded from the US, the Baltic region and continental Europe in the past week and it seems that local mills have already completed most of their scrap purchases for August. Ex-US HMS I/II 80:20 scrap offers have settled at the range of $363-366/mt CFR, while scrap purchases from the Baltic region have generally been concluded at $365/mt CFR. The latest ex-Europe HMS I/II 75:25 scrap deal, on the other hand, has been concluded at around $358/mt CFR. Some other Turkish producers are expected to conclude new scrap deals in the current week, while demand for short sea scrap will likely see a recovery in the coming days. Meanwhile, Romanian A3 scrap are still trending at $350-355/mt CFR, while ex-Black Sea scrap offers stand at $355-360/mt CFR.
Owing to the current market conditions, no sudden price hike is expected in scrap import offers, while gradual price increases are anticipated in the coming weeks for import scrap purchases for delivery in early September.
Weekly price movements of different steel products in major markets can be viewed comparatively in the SteelOrbis Historical Steel Prices section. Market trends can thus be seen more clearly, while desired charts can be created and used in reports or presentations.
