TURKEY September 17 2015 4:15 PM
ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import average prices (CFR Iskenderun Port, Turkey) plummeted further by $16 a ton week-on-week to $211 a ton in the week ended September 11, as per the latest figures from the Steel Index.
According to TSI, daily benchmark index for deep-sea Turkish imports of HMS #1&2 80:20 fell by $14 a ton from last Friday to end the week at $205 a ton CFR Iskenderun port.
Sellers succumbed to the fact that there was a lot of inventory in US, UK and Baltic yards, along with the realisation that scrap prices needed to become more competitive compared to billet.
Multiple cargoes were traded this week, with prices at $215-210 a ton early on Monday, but come Friday material was heard to have changed hands in and around $200 a ton.
Looking at both rebar and imported billet prices, participants feel further falls below $200 a ton for scrap would not come as a surprise.