Turkish HMS 1/2 80:20 import prices rebound during August-Shanghai Metals Market

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Turkish HMS 1/2 80:20 import prices rebound during August

Industry News 05:44:48PM Sep 28, 2015 Source:SMM

TURKEY September 28 2015 10:15 AM

ANKARA (Scrap Register): The monthly average of daily benchmark index for Turkish imports of HMS #1&2 80:20 ended marginally up 0.5% month on month in August. This came as prices rebounded somewhat from the large falls seen in July, but signs of further weakness appeared towards the end of the month as the index began to slide again.

According to TSI, the monthly average of daily benchmark for Turkish imports of HMS #1&2 80:20 CFR Iskenderun port showed some stability in August, after the price rout in July - up $1.29 a ton on July. 

In commodity markets a sharp, sudden fall in pricing is often followed by a swift recovery as supply is immediately reigned in. This was the case in late July and August, as prices bounced back from a $39 a ton fall in the first two weeks of July. 

Scrap exporters argued material was now in short supply as their local sup-pliers refused to bring further material to the yard gates at these prices. This in turn made it harder for exporters to put bulk cargoes together. 

However, this stance did not wash with buyers for long - nowadays scrap has to compete with billet exports from China, meaning mills quickly shot down any concerted effort to raise scrap prices. TSI’s daily index reached $240 a ton CFR Iskenderun port mid-month, before retreating back to $234 a ton at the end of the month.


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Turkish HMS 1/2 80:20 import prices rebound during August

Industry News 05:44:48PM Sep 28, 2015 Source:SMM

TURKEY September 28 2015 10:15 AM

ANKARA (Scrap Register): The monthly average of daily benchmark index for Turkish imports of HMS #1&2 80:20 ended marginally up 0.5% month on month in August. This came as prices rebounded somewhat from the large falls seen in July, but signs of further weakness appeared towards the end of the month as the index began to slide again.

According to TSI, the monthly average of daily benchmark for Turkish imports of HMS #1&2 80:20 CFR Iskenderun port showed some stability in August, after the price rout in July - up $1.29 a ton on July. 

In commodity markets a sharp, sudden fall in pricing is often followed by a swift recovery as supply is immediately reigned in. This was the case in late July and August, as prices bounced back from a $39 a ton fall in the first two weeks of July. 

Scrap exporters argued material was now in short supply as their local sup-pliers refused to bring further material to the yard gates at these prices. This in turn made it harder for exporters to put bulk cargoes together. 

However, this stance did not wash with buyers for long - nowadays scrap has to compete with billet exports from China, meaning mills quickly shot down any concerted effort to raise scrap prices. TSI’s daily index reached $240 a ton CFR Iskenderun port mid-month, before retreating back to $234 a ton at the end of the month.