TURKEY August 31 2015 4:05 PM
ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import average prices (CFR Iskenderun Port, Turkey) dropped week-on-week to $234 a ton in the week ended August 21, as per the latest figures from the Steel Index.
TSI’s daily benchmark index for deep-sea Turkish imports of HMS #1&2 80:20 fell $5 a ton from last Friday to end the week at $234 a ton CFR Iskenderun port.
A few cargoes were booked this week in the region of $233-234 a ton, indicating that the upward momentum seen in recent weeks has been reversed.
Participants were bearish for the most part, with large orders of billet by Turkish mills doing the rounds on the rumour mill.
With billet prices dropping significantly in the wake of the movements in the Yuan, scrap is also likely to come under further downward pressure.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)