Turkish scrap, rebar softens on eve of holiday

Posted on 09 August 2019
 

Source: Kallanish

Turkish scrap import and rebar export prices declined slightly this week as market activity remained subdued in the run-up to next week’s Bayram holiday during which market participants will be off work.

Only one deep-sea scrap cargo has been reported booked so far this week, from the US for 20,000 tonnes of HMS 1&2 90:10 and 20,000t shredded at average $294/tonne cfr Turkey (see Kallanish passim). This equates to $290/t for HMS 80:20 and takes scrap prices down slightly from the previous US cargo booked two weeks ago at $294/t.

Turkish mills and scrap merchants remain at an impasse. “Nobody is buying anything,” a Turkish scrap agent tells Kallanish. It remains to be seen if the market situation changes by the time Turkish scrap buyers return from holiday.

On rebar, Turkish mills say export offers are still at $460/t fob Turkey, but traders say $455/t is available, with one trader even indicating some bookings have been made at $450/t. One mill was heard selling 10,000t to an unspecified African country at $455/t. A major Turkish rebar mill is said to have indicated it can deliver within ten days of receiving an order, showing the low level of demand in the market.

The latest Turkish Steel Producers Association figures show national finished products consumption fell -15.8% on-year in June to 2.3 million tonnes. In the six months through June long products use alone was down -43.1% on-year to 5.3mt (see Kallanish passim). Turkish rebar exports, meanwhile, fell -0.3% year-on-year and by half month-on-month in June to 347,986t, but rose 1% in the six months to 2.7mt.

    



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