Turkey: Imported Scrap Trades Slow Down; Prices Inch Down
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SteelMint learned from industry participants that Turkey based steel mills have slowed down scrap purchases after buying a significant volume in the last couple of weeks. Most of the steel mills have turned their attention towards sales of finished steel and billets exports for time being. Despite high offers, prices remained range bound with a slight correction of USD 3-4/MT in recent trades concluded in the market.
An Izmir region based steel mill booked a Baltic cargo comprising HMS 1&2 at USD 326/MT, CFR Turkey.
A European supplier sold a total of 45,000 MT comprising 20,000 MT HMS 1&2 (75:25), 15,000 MT mixture of P&S and HMS 1, 5,000 MT of Shredded and 5,000 MT of Bonus scrap at an average price of USD 331/MT, CFR equivalent to HMS 1&2 (80:20) at USD 324-325/MT, CFR.
According to SteelMint's price assessment, US origin HMS (80:20) scrap inch down to USD 328-330/MT, CFR Turkey after climbing to levels USD 332-333/MT, CFR in the closing of last week. While HMS 1&2 (80:20) of Europe origin stands at around USD 321-322/MT, CFR. A premium for US material over Northern European scrap remains at around USD 6-8/MT.
In trades reported early this week, a steelmaker in Iskenderun region booked a US cargo comprising 10,000 MT HMS 1&2 (80:20) at USD 333/MT, 22,000 MT of Shredded at USD 338/MT and 3,000 MT of Bonus at an average price of USD 343/MT, CFR Turkey.
Another steel mill initiated Apr'18 shipments with cargo comprising 23,000 MT HMS 1&2 (80:20) at USD 330/MT and 2,000 MT Bonus at USD 340/MT, CFR. A Canadian cargo sold to a steel mill in Iskenderun region comprising 25,000 MT Shredded and 25,000 MT HMS 1&2 (90:10) at an average price USD 337/MT, CFR.
Rebar prices edge up on higher input costs - Turkey's rebar export offers stands at around USD 495-500/MT, FoB Turkey. Moreover, CIS rebar export offers climb to USD 475-480/MT, FoB levels on Black Sea port basis, up USD 15-20/MT on W-o-W. Turkish steel mills target higher sales of rebar at improved prices as domestic rebar market remains robust.
Billet export prices rise sharply - Steel mills observed improved trades for billets in both the domestic and exports market, according to reports, Turkey's billet export prices have jumped to USD 480-490/MT, FoB main port up sharply against USD 450-460/MT, FoB last week.
