TURKEY June 26 2014 11:28 AM
ANKARA (Scrap Register): The May average of Turkish imports of HMS #1&2 80:20 fell 1.6%, or $6 a ton, month-on-month (m-o-m).
The daily index peaked at $376 a ton in the middle of the month, before falling back to finish at $372 a ton CFR Iskenderun port.
The month of May will be remembered for a markedly low level of price volatility in scrap imports.
TSI’s benchmark index for Turkish imports of HMS #1&2 80:20 remained within a $4 a ton range throughout the duration of the month, between $372-376 a ton CFR Iskenderun port. This represents a significant drop in volatility to that seen in recent months and years.
Trades completed early in the month were transacted at around $375-376 a ton, as it appeared a game of tug-of-war between mills and suppliers was at play with regards to the direction of pricing. US cargoes were initially ab-sent from the market, while European/Baltic prices began to slip, nearing the $370 a ton mark.
Towards the end of the month US sellers returned to the market, with initial trades completed at slightly higher levels to that of European-origin cargoes.
However, these prices eventually crept down in line with the European car-goes, with pricing stabilising at around $372-373 a ton. The underlying theme throughout the month seemed to be of supply and demand being relatively low, creating a generally well-balanced market.