Turkish HMS 1/2 80:20 scrap import prices plummet to $257 a ton

TURKEY February 10 2015 11:47 AMTweet
ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import prices (CFR Iskenderun Port, Turkey) plummeted by $40 a ton week-on-week to $257 a ton in the week ended February 06, as per the latest figures released by the Steel Index.

Turkish prices continued to slide the week, undoubtedly taking prompts from a US market in severe decline.

Furthermore the current FX advantage held by European suppliers has enabled them to enter the market at a lower level. The $2 fall today pales into insignificance compared to the recent trend of drastic daily drops and may well offer a sign of things to come.

With such a dramatic fall in prices recently it has been suggested that the market may well stabilise as participants adapt to the new market conditions.

That said sentiment in the Turkish scrap industry is undoubtedly still negative and a fall of $10 over the next 4-6 weeks has been intimated by a number of participants.