TURKEY March 28 2017 10:37 AM
ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import weekly average prices (CFR Iskenderun Port, Turkey) climbed by $3 a ton week-on-week to $301 a ton during the week ended March 17, as per the latest figures from the Steel Index.
The market has slowed with market players pausing to take stock and see what direction prices will move in. Sellers are still citing strong fundamentals, with demand from the mills remaining healthy, as shown by the proliferation of deals in the last couple of weeks.
It is worth noting however that the buy side has been suspiciously quiet, perhaps indicating that the mills have sated their demand for now, or are suffering under such high prices.
Rebar prices for export, FOB Turkey, have continued to rise and are at $447.5 a ton, slightly increasing the scrap rebar spread this week to $146.5 a ton, up from $142 a ton last Friday.
Deals this week have been thin on the ground, with many people now looking to see what direction prices will take.
The forward curve on the London Metal Exchange is strongly backwardated all the way out to 2018, suggesting that prices for physical cargoes have the potential for downward movement in the coming weeks.
