TURKEY October 28 2014 2:35 PM
ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import prices (CFR Iskenderun Port, Turkey) dropped further by $5 a ton week-on-week to $332 a ton in the week ended October 24, as per the latest figures released by the The Steel Index.
According to TSI, a North American cargo was secured mid-week at lower pricing than the previous cargo seen booked from the region.
This seems to add weight to the theory that US domestic scrap is in line for further weakness in November, and we could see further North American cargoes booked into Turkey in coming weeks.
Bids were heard as low as $325 a ton –with bearish sentiment still prevailing, this level could be reached next week, whilst traders were looking to a bottom of $320 a ton before seasonal supply shortages turn the tide in November.