TURKEY May 11 2016 10:46 AM
ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import average prices (CFR Iskenderun Port, Turkey) gained sharply by $27 a ton week-on-week to $310 a ton during the week ended April 29, 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 rose $13 a ton from last Friday to end the week at $304 a ton CFR Iskenderun port.
Prices broke through the $300 a ton mark for the first time since January 2015 as a number of factors contributed to the continuous increase in prices. Market participants noted that strong demand was the driver for higher prices, with a number of cargoes recently concluding ahead of the fasting month of Ramadan when, typically, crude steel output falls.
Moreover the increase in rebar export prices, partly as a result of upward adjustments following renewed strength in the Turkish lira versus the US dollar, also had a knock on impact on higher scrap prices.
Some participants, however, remain wary as they believe there is currently too much volatility and uncertainty in the market.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)