TURKEY June 24 2016 11:01 AM
ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import average prices (CFR Iskenderun Port, Turkey) plummeted further to $252 a ton during the week ended June 03, 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 $35 a ton during the week and settled at $252 a ton CFR Iskenderun port.
A number of short-sea cargoes of Russian and Ukrainian origin, were confirmed earlier the week at sub-$220 a ton CFR levels. A wide-spread was apparent in deep-sea offer levels, ranging between $240-260 a ton whilst bids were closer to the $230 a ton mark.
Turkish mills are believed to still be loading scrap material from April and May deliveries and have also reduced their mill utilization capacities; therefore they have been able to withhold making deep-sea orders for over four weeks now.
However, with holiday season approaching in July/August, market participants believe that unless mills begin buying soon, scrap material will become scarce in the domestic market, perhaps spurring on further activity in the seaborne market.