TURKEY June 01 2017 1:28 PM

ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import weekly average prices (CFR Iskenderun Port, Turkey) climbed further by $02 a ton week-on-week to $274 a ton during the week ended May 12, as per the latest figures from the Steel Index.

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The Turkish scrap market closed the week with uncertainty still hanging thick in the air. Sentiment in the market is somewhat bearish and mills are continuing to push bids lower, which is surprising considering rebar prices have gained strongly over the past two weeks. 

Steel rebar, FOB Turkey, is currently valued at $430 a ton, up $14.50 a ton from May 2, basis Platts data. This, combined with the slight slip in scrap prices this week, has driven the scrap rebar spread to $156 a ton, giving mills a healthy margin. 

The benchmark index fell $2 a ton on the week to close at $273 a ton. The increasingly bearish sentiment may be somewhat driven by the availability of material, allowing the mills to control pricing and leaving suppliers competing against each other. 

Fundamentals in the market remain positive however, with demand for finished and semi-finished products remaining quite strong and, according to market sources, sellers are doing their best to resist further price falls.