Turkey Resumes Deep Sea Scrap Cargo Bookings
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Imported scrap prices in Turkey remained almost stable on W-o-W basis in recent deals concluded. Turkey's buyers have resumed deep sea scrap cargo bookings for May shipment after witnessing very few bookings last week.
Turkey observed almost four deep-sea cargo bookings for imported scrap in last two days. Price assessment for US origin HMS (80:20) is recorded at USD 352-353/MT, CFR Turkey compared to last week's closing at USD 354/MT, CFR. Thus a marginal decline of about USD 1-2/MT W-o-W.
Turkey scrap trade updates -
1. A Belgium based seller,BST sold 19,000 MT of HMS 1&2 (75:25), 5,000 MT of Shredded and 11,000 MT of Bonus at USD 354.5/MT,CFR Turkey. Kaptan group steel mill in Turkey booked this cargo.
2.While another Baltic supplier sold 35,000 MT cargo comprising 27,000 MT HMS (80:20) at USD 354/MT and 8,000 MT of Bonus at USD 365/MT, CFR Turkey.
3.In an earlier deal reported, an importer based in Marmara region in Turkey booked a mixed cargo comprising 26,000 MT of Shredded scrap at USD 365/MT and remaining volumes of HMS 1&2 (80:20) at USD 354/MT, CFR Turkey respectively. According to sources, this cargo is due for shipment latest by 20th May'18 and one of the leading supplier from UK sold this cargo to ICDAS steelmaker in Turkey.
4. Yesterday a steel producer in the Izmir region, HABAS booked a cargo, comprising HMS 1&2 (80:20) at USD 352/MT, Bonus at USD 362/MT while Rails at USD 367/MT, CFR Turkey. According to sources, FSR scrap supplier from Baltic region sold this cargo for which delivery is scheduled in the second half of May. However, the exact tonnages were not confirmed yet.
Scrap prices moved down in Turkey over the weak sentiments in steel exports market in last two weeks. Importers in Turkey have resumed May shipments although, in near term, the mills might book more scrap actively to fulfill their requirement which may lead to increase in imported scrap prices.
Following increasing purchase activities from Baltic and European suppliers to Turkey, the USA scrap export offers may come under pressure. However, USA based suppliers are selling materials domestically over the availability good prices in the local market.
Turkeys' rebar export offers decline further on weakening lira - Rebar trade activities in Turkey remained limited again this week. In last two weeks' time, Turkish Lira (TRY) depreciated by almost 5% against USD. Today it is trading at 4.15 which was trading at around 3.95 on 30th Mar'18.
Turkey rebar export offers have decreased by USD 5-10/MT on W-o-W basis to USD 550-560/MT, FoB Turkey. Domestic rebar offers in Turkey also fell by USD 10/MT W-o-W to USD 560-580/MT, ex-works.
