TURKEY October 21 2014 9:30 AMTweet
ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import prices (CFR Iskenderun Port, Turkey) continued to decline by $7 a ton week-on-week to $337 a ton in the week ended October 17, 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 $8 a ton from last Friday, to finish the week at $334 a ton CFR Iskenderun port.
The index was last at this level in June 2013, at which point the market swiftly rebounded. Prior to this, one would have to go back to June 2010 to find scrap prices as low as today’s value.
A number of cargoes were booked from US, European and Baltic suppliers last week, with prices threatening to dip below the $330 a ton mark.
Some feel the bottom may have now been reached, whilst others still feel scrap has more room to move lower so that rebar can be priced more competitively by EAF mills currently disadvantaged against iron ore-based suppliers.