By Anil Mathews (ScrapMonster Author)

March 03, 2016 07:44:32 AM

ANKARA (Scrap Monster): The scrap import prices rose further in Turkey during last week. The import prices of HMS 1&2 80:20 scrap had also increased during the week before.

The import prices have increased by almost $10/t last week to $190/t cfr Turkey for HMS 1&2 80:20. The prices had witnessed a rise of $5-$10/t during the week prior to that. Accordingly, Turkish export rebar quotations too rose by around $10-$20/t from $320-323/t FOB to $330-340/t FOB. However, market participants believe that the current uptrend in prices in unlikely to sustain.

Meantime, the rise in scrap import prices have led to increased rebar offer prices in Turkish domestic market. ICDAS Steel - the country’s long steel maker has announced rise in rebar offer prices by TRY 30/t over the previous week. The company had announced hike of TRY 20/t during the week prior to that. Also, the prices were increased by TRY 40/t during the month of February this year. Accordingly, the company’s offer price for 8 mm diameter rebar currently stands at TRY 1,270/t ex-works inclusive of 18% VAT. The offer price of 10 mm and 12-32mm diameter rebar during the week were at TRY 1,260/t and TRY 1,250/t respectively.

On the other hand, Kardemir, another major steel producer, has kept the domestic rebar offers unchanged since mid-January. The company’s offer price for 12-32mm rebar and 12-22mm round bar has remained flat at TRY 1,017/t and TRY 1,034/t respectively.