TURKEY December 22 2014 11:33 AM
ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import prices (CFR Iskenderun Port, Turkey) advanced sharply by $11 a ton week-on-week to $320 a ton in the week ended December 19, as per the latest figures released by the The Steel Index.
According to TSI, European and US origin material was secured late last week and early this week at prices significantly higher than had been seen in the market previously.
Some participants claimed yards were holding back tonnes from the market with the intention of pushing prices up, whilst others argued there was a genuine supply shortage and export yards were finding it harder to put cargoes together.
Either way, scrap prices rose, with a Baltic cargo booked later in the week confirming that material could be sold above $320/t.