Turkey: Imported scrap prices range-bound, lira erodes recent gains
Turkish imported scrap trade remained subdued after having seen healthy deals last week. Buyers have turned quiet now and adopted a 'wait-and-watch' mode to clo...
Turkish imported scrap trade remained subdued after having seen healthy deals last week. Buyers have turned quiet now and adopted a 'wait-and-watch' mode to closely observe the market behaviour while the continuous volatility of the national currency weighed down market sentiments.
SteelMint's price assessment for US-origin HMS 1 & 2 (80:20) stands at $460-465/tonne (t) CFR Turkey, unchanged w-o-w.
- A Black Sea region-based steel mill has booked US-origin bulk cargo, comprising HMS 1&2 (80:20) at $465/t CFR Turkey.
- In another deal, the same buyer has booked another cargo consisting of HMS 1&2 (80:20) from another supplier based in the US at $459/t CFR Turkey.
Sluggish domestic and overseas demand, especially from China amid the winter months kept the Turkish market under pressure.
- Lira falls against the dollar: The Turkish lira lost its value again this week to TRY 12.6 against the US dollar after having gained value at 10.67 earlier this week.
- Local scrap prices drop again: Turkish steel mills have adjusted their domestic scrap purchase prices this week. The volatile market situation and a sharp fluctuation in the national currency put pressure on steel mills to lower their prices.
Outlook
Imported scrap trade in Turkey is likely to remain subdued in the short-term owing to healthy inventories with steel mills and the approaching holidays.
Imported scrap trade in Turkey is likely to remain subdued in the short-term owing to healthy inventories with steel mills and the approaching holidays.
.jpg)
