TURKEY May 30 2016 11:07 AM

ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import average prices (CFR Iskenderun Port, Turkey) plummeted by $17 a ton week-on-week to $309 a ton during the week ended May 20, as per the latest figures from the Steel Index. 

According to TSI, the daily benchmark index for deep-sea Turkish imports of HMS #1&2 80:20 dropped a significant US$24/tonne this week to $302 a ton CFR Iskenderun port.

This price drop has been anticipated for some time now, with the recently bearish mood in Asia pervading scrap markets in Europe. 

Price falls were driven by bids and offers beginning to reach the market at prices much lower than the last concluded bookings reported two weeks ago. Market participants expect price stability to return after Ramadan, which ends in the first week of July. 

LME scrap futures (basis TSI) enjoyed another strong week of trading with close to 10kt cleared yesterday, bringing the total cleared volume since launch six months ago to 48,150 tons.