TURKEY March 22 2016 5:58 PM
ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import average prices (CFR Iskenderun Port, Turkey) rose sharply by $13 a ton week-on-week to $221 a ton during the week ended March 18, as per the latest figures from the Steel Index.
According to TSI, the increase in the scrap price continued to power on, despite other market indicators such as iron ore and Chinese billet dropping back from recent highs.
Participants stated the increased price paid for scrap was still largely sentiment driven, with margins now surely becoming pinched as higher rebar offers struggle to gain traction. Scrap buyers are nevertheless forced into this position, with scrap in short supply.
However, daily benchmark index for deep-sea Turkish imports of HMS #1&2 80:20 rose by $19 a ton from last Friday to end the week at $230 a ton CFR Iskenderun port.