Turkish Scrap market may remain quietly bullish in August

TURKEY August 12 2014 5:35 PM
ANKARA (Scrap Register): The outlook Turkish scrap market for August amongst market participants is generally quietly bullish, with finished steel demand expected to increase as a result of construction activity moving back into top gear, providing further support for scrap prices.

Turkish mills bought steadily over the course of Ramadan, presumably with the aim of avoiding a rush for material once the period had ended and the surge in pricing this would probably create.

According to TSI, July average of benchmark index for Turkish imports of HMS #1&2 80:20 gained 0.8%, just under $3 a ton, month-on-month (m-o-m).

The daily index was range-bound be-tween $371-381 a ton CFR Iskenderun port for the duration of July, with a significant jump in pricing seen towards the end of the month.