TURKEY April 11 2016 10:25 AM
ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import average prices (CFR Iskenderun Port, Turkey) rose sharply by $12 a ton week-on-week to $246 a ton during the week ended April 04, as per the latest figures from the Steel Index.
However, the daily benchmark index for deep-sea Turkish imports of HMS #1&2 80:20 rose by $21 a ton from last Friday to end the week at $260 a ton CFR Iskenderun port.
The surge in prices was prompted by sustained strong demand for rebar, both domestically and for export. Rebar prices have risen by similar levels, meaning mills are able to pay more for their scrap.
Meanwhile, a strong US domestic scrap market has meant Turkish mills have had to make competitive bids in order to secure material. When scrap prices have risen on this scale previously in the last year, mills have turned to Chinese billets as an alternative.
However, at present billets appear to make no sense both economically and also due to the relative lack of prompt delivery available as opposed to scrap.