TURKEY November 07 2016 2:34 PM
ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import weekly average prices (CFR Iskenderun Port, Turkey) fell further by $7 a ton to $217 a ton during the week ended September 23, as per the latest figures from the Steel Index.
After a lull in trading, Turkish mills finally booked cargoes from Baltic and US merchants. The drop in prices have stemmed from an oversupplied scrap market, as well as weak rebar demand in both the Turkish domestic and seaborne markets.
US scrap exporters have cut offers into Turkey as a result of the weak market, with sources stating that $210 a ton is a likely future price level.
The latest concluded deal from the US into Turkey, containing 7kt 90:10 and 23kt shredded material, normalized to $209.5 a ton for 80:20 under TSI’s methodology.