Turkey: Imported scrap prices rise further in recent deals

Turkish imported scrap offers have strengthened further this week by $3/t on increased number of inquiries for Dec-Jan cargo shipments. SteelMint's assessment for USA origin HMS 1&2 (80:20) stands at $291/t CFR Turkey, up by $3 w-o-w.

Recent trades-

Source: SteelMint

Market highlights-

• Global suppliers are now aiming to quote scrap offers more than $295/t, due to the shortage of scrap in many scrapyards on low scrap generation in the global pandemic.
  
  
• Turkish buyers are willing to pay a higher-level price for imported scrap to replenish their inventory, as the finished steel market gaining momentum, though they have to pay high freight cost as well.
  
  
• Whereas, US suppliers have created a healthy competition, as demand from other scrap buyer countries has also increased in the last couple of weeks.
  
  
• Turkish Lira has appreciated in a week's time, currently, $1 is trading equal to 7.79 as compared 7.94 have recorded a week ago.
  
  
• Chinese spot iron ore fines (Fe 62%) price remained majorly stable on a weekly basis and stood at $120.4/t CFR China yesterday.