Posted on 10 Dec 2020
Both imported and domestic scrap prices have continued to edge up in Turkey on the latest bookings, Kallanish observes.
Scrap prices continue to rise globally. Following the increases seen in the European and US domestic scrap markets recently, offer prices have also jumped further in export destinations. After reaching $370-375/tonne cfr at the weekend, imported HMS 80:20 rose on Wednesday to $385-390/t cfr Turkey on a fresh booking.
US and Baltic suppliers are subsequently seen targeting above $400/t cfr Turkey for HMS 80:20, while European suppliers' offers are heard at above $390/t cfr. A US-origin scrap supplier is heard to have offered HMS 80:20 at $403/t cfr.
In line with the rises in imported scrap prices, Turkish mills have been forced to increase their domestic scrap buying prices by TRY 120-230/t ($15-29), as well as semi-finished and finished steel prices. Billet prices rose to $550/t ex-works in the latest bookings in Turkey’s domestic market on Wednesday, while rebar grew to $562-570/t ex-works. Some mills are seen to have stopped giving offers due to the fast price increases in the market.
A Turkish scrap yard told Kallanish on Wednesday: “Prices keep on increasing each day and domestic scrap demand is quite strong. Our biggest advantage these days is that there is no hot weather restricting scrap collection. But there are rumours of a fifteen-day lockdown due to the virus. If that happens, scrap availability will be a real problem.”
On Wednesday, Turkish shipbreaking scrap prices stood at $370/t delivered, up $20/t on-week. New cutting (DKP) scrap prices in the Aegean region increased by TRY 230/t to TRY 2,800/t ($358.5).
Source:Kallanish
