Go to List

Turkiye: Imported ferrous scrap offers down by $2/t w-o-w

...

Melting Scrap
By
229 Reads
14 Mar 2024, 17:02 IST
Turkiye: Imported ferrous scrap offers down by $2/t w-o-w

Turkish imported ferrous scrap market witnessed fluctuating offers throughout the week. Initially, there was a slight uptick in offers following some concluded deals of HMS (80:20) towards the end of the previous week, hovering around $378-380/t CFR levels. However, these prices rebounded due to the subdued conditions in the Chinese market.

On a weekly average basis, US origin HMS (80:20) scrap offers stood at $378/t, down by $2/t compared to $380/t CFR in the previous week.

According to a trader based in Turkiye, "Scrap prices seemed to stabilise last week prompting a few mills to consider restocking. However, with the sudden downturn in the Chinese market, they have adopted cautious stance and will be closely monitoring it before making any decisions."

HMS collection costs in the Baltic region were shared at Euro 300/t delivered to the docks, with a Baltic recycler citing an indicative workable value for Baltic-origin HMS (80:20) at a minimum of $380/t CFR.

Furthermore, in the domestic market, demand for rebars has nearly vanished, exacerbating the reluctance of mills to import scrap. A Turkish mill source indicated that buyers are aiming for US-origin HMS (80:20) at prices ranging from $370-375/t CFR, while sellers are not willing to go below $380-385/t CFR levels.

Turkish exported rebar at $595/t FOB. The outright scrap-to-rebar spread was assessed at $217/t FOB, narrowing from $220/t a week prior.

Recent deals

  • UK to East Marmara: HMS (80:20) at $368/t CFR.

  • Netherlands to Mediterranean: HMS (80:20) at $372/t CFR.

  • US to East Marmara: HMS (80:20) at $376/t, bonus at $396/t CFR.

  • US to Aegean: HMS (80:20) at $378/t, shredded and bonus at $398/t CFR.

  • US to Mediterranean: HMS (80:20) at $380/t CFR.

  • Europe to Aegean: HMS (80:20) at $381/t CFR.

  • France to West Marmara: 12,000 t of HMS (80:20) at $377.5/t, 5,000 t of shredded scrap at $399.5/t, and 6,000 t of PNS at $397.5/t CFR Turkiye.

  • US to East Marmara-based: HMS (80:20) at $377/t CFR Turkiye.

  • Europe to Mediterranean: HMS (80:20) at $372/t and bonus scrap at $392/t CFR Turkiye.

Outlook

In the near term, market observers anticipate a mixed outlook as a result of sluggish activity in both the domestic and export rebar markets. Additionally, sellers remain resolute in maintaining their firm stance on offers.

14 Mar 2024, 17:02 IST

 

 

You have 0 complimentary insights remaining! Stay informed with BigMint
;