TURKEY January 12 2017 10:13 AM
ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import weekly average prices (CFR Iskenderun Port, Turkey) gained by $2 a ton week-on-week to $291 a ton during the week ended December 30, as per the latest figures from the Steel Index.
The Turkish scrap market was as calm as a millpond during the week, with no buying activity from the Turkish mills, and no indication of anyone looking for material.
The HMS 1&2 80:20 scrap index remained almost unchanged on the week, at $291 a ton. There have been no trades reported since last week, and the market does not appear to be in any hurry to end the tranquility.
With the scrap price still pushing up from a year low of $210 a ton seen in October, many in the market are looking to see if the price can continue to rise into 2017.
With coking coal now well below its 2016 high of $308.80 a ton, currently at $226 a ton, and the spread between Turkish scrap and rebar still relatively narrow at $144 a ton, the support for scrap prices is hard to see.
Market participants have however expressed contrary views, and many still believe scrap has room to push higher in the New Year, notably with healthy support from the US market.
