TURKEY January 20 2017 11:07 AM

ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import weekly average prices (CFR Iskenderun Port, Turkey) fell by $3 a ton week-on-week at $288 a ton during the week ended January 13, as per the latest figures from the Steel Index.

The Turkish market jolted back to life this week with trading activity pushing the price down, despite strong price rises in the US market. The HMS 1&2 80:20 benchmark index fell from $292 a ton to $285 a ton on the week. 

Scrap suppliers’ determination to keep offers high appears to have backfired somewhat, with the Turkish mills sitting back and waiting until sellers were forced to lower offer prices. 

Several trades were reportedly concluded over the week, all proving a lower price. With Turkish rebar prices in the export market still relativity weak, the mills have seen margins squeezed, and the scrap rebar spread was as narrow as $135.50 a ton earlier in the week. 

The spread has now bounced back slightly to close the weak at $140 a ton. Turkish rebar prices may see additional support from the Asian market. 

Potential restrictions on production of semi-finished and finished products in China has opened a potential export market, with sources reporting that Turkish rebar is already making its way into Hong Kong and the Asian markets.