TURKEY May 21 2015 9:35 AM
ANKARA (Scrap Register): The benchmark prices for Turkish imports of HMS #1&2 80:20 continued to rise throughout April as scrap remained in short supply and mills maintained strong levels of demand.
According to TSI, the daily index rose $16 a ton over the course of the month, finishing April at $276 a ton. The monthly average rose by 4.5% or $11.56 a ton month-on-month to $268.15 a ton CFR Iskenderun port, with the price rising in every week of the month.
This came despite export markets for Turkish mills remaining subdued. However, a bright spot for steel mills has been the strong domestic demand for material.
Several prompt cargoes were booked over the course of the month as mills moved to try make the most of this increased demand. Mills were able to lift rebar offers to around $450 a ton by the end of April.
Towards the end of the month European scrap suppliers were heard increasing their offers off the back of a slide in the value of the dollar against the Euro. As suppliers receive payment in dollars, offers were inched up to maintain price parity in Euro terms.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)