By Paul Ploumis 03 Aug 2015 Last updated at 02:01:49 GMT
ANKARA (Scrap Monster): According to market participants, scrap imports by Turkey witnessed marginal rise during the current week. However, rebar exports out of the country struggled to report improvement, mainly on the back of higher offer prices by Turkish mills.
The imports of HMS 1&2 80:20 by the country remained in the range between $230 per tonne to $233.50 per tonne CFR. The scrap import prices were higher by almost $5-$10 per tonne when compared with the previous week. The scrap buying activity continued to remain at lower levels with number of scrap bookings during the week totaling nine. The Turkish mills are reportedly holding sufficient quantities of scrap stocks.
Meantime, rebar exports to Middle East countries are expected to regain momentum now, after the end of Ramadan season. The rebar exports to Dubai quoted at $410-420/t CFR theoretical weight, though buyers’ offers remained in the range between $400 per tonne and $405 per tonne CFR based on current scrap prices.
Also, traders in the Middle East region are not in any hurry to order fresh bookings as they possess enough stock of the material. The region’s rebar imports from Turkey had totaled 181,000 tonnes during July this year. The imports in August are estimated at around 178,000 tonnes.
The offer prices of Turkish rebars have increased to $410 per tonne FOB after the hike in scrap prices. However, East African buyers of the material are not expected to settle at prices above $400 per tonne to $402 per tonne FOB. In such a situation, the rebar export prices to the UAE are likely to slip below $400 per tonne FOB.
Meantime, domestic rebar market in the country continued to remain sluggish during the week.