TURKEY October 07 2014 10:19 AM
ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import average prices (CFR Iskenderun Port, Turkey) dipped by $16 a ton week-on-week to $350 a ton in the week ended October 03, as per the latest figures released by the The Steel Index.
According to TSI, daily benchmark prices for deep-sea Turkish imports of HMS #1&2 80:20 fell by $15 a ton from last Friday, to finish the week at $345 a ton CFR Iskenderun port.
This equals the 12-month low previously set in February of this year. Prices for cargoes booked from Europe this week indicated mills were searching for a level that would allow subsequent rebar pricing to be dropped to competitive levels in an environment of cheap Chinese billet imports and healthy margins for BOF mills.
Turkey now heads to its national holiday for the first part of next week with the expectation that this bear market has not yet found a bottom.