TURKEY May 08 2017 12:15 PM
ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import weekly average prices (CFR Iskenderun Port, Turkey) declined further by $04 a ton week-on-week to $266 a ton during the week ended April 28, as per the latest figures from the Steel Index.
The bnchmark index for Turkish HMS 1&2 80:20 imports closed the week down after something of an uncertain week. The sentiment in the market was buoyed up by trades at higher levels towards the close of the week.
In the US and Indian markets, market participants are also optimistic for the near term, adding further incentive for Turkish prices to rise. Mills in Turkey have continued to benefit from healthy spreads between scrap and rebar, which peaked at $157 a ton Thursday.
The lira gained ground against the dollar, strengthening some 2% against the dollar from the weeks beginning, providing some relief for the mills.
A degree of uncertainty has gripped the market for the latter half of April, but this looks set to change with market sources expressing a more bullish view in the near term.