TURKEY July 06 2015 11:43 AMTweet
ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import average prices (CFR Iskenderun Port, Turkey) plummeted by $15 a ton week-on-week to $258 a ton during last week, as per the latest figures from the Steel Index.
According to TSI, the deadlock was broken this week as the market became awash with trades after a quiet 3 week period.
A number of market participants are anticipating a weak July and August, with Chinese rebar prices continuing to fall and re-rolling semi-finished material still offering a cheaper route than steelmaking for many mills.
It will be interesting to see where the market goes from here, with some mills talking up prolonged reductions in capacity utilization after Ramadan.