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Turkish Scrap prices fall dramatically in January

iconFeb 10, 2017 18:37
Turkish scrap prices saw a dramatic fall during January this year. The 80:20 index fell from $292 a ton at the start of the month to close the first month of the year at $230 a ton.

TURKEY February 10 2017 12:12 PM

ANKARA (Scrap Register): Turkish scrap prices saw a dramatic fall during January this year. The 80:20 index fell from $292 a ton at the start of the month to close the first month of the year at $230 a ton.

According to the Steel Index, the slump in prices was largely brought about by Turkish mills refusing to buy material at such high levels, citing unworkable margins. Eventually, scrap exporters cracked, slashing prices in order to clear out stocks and entice mills back to the market.

The main story in the Turkish market was the huge fall in prices towards the end of the month. During the week beginning January 23, the price fell 14.8%, and ended the month at $230/t, its lowest value since October.

The fall came on the back of a flurry of trades between $220- $240/t. Many of these came out of the US, where export yards were heard to have large piles of 80:20 grade material.

Ongoing weakness in the Lira is continuing to squeeze mills’. domestic rebar, which accounts for circa 50% of the mills output, is seeing low demand as the price in Lira terms remains high.

As a result of relatively weak demand for semi-finished steel products, scrap demand remains fairly underwhelming.

Turkish scrap prices

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