TURKEY July 14 2017 6:34 PM
NEW YORK (Scrap Register): Sentiment has remained strong in the Turkish scrap market at the start of July, with sources indicating there may be a supply shortage across July and August. At time of publishing prices were at $297 tons, according to the Steel Index.
Increases in domestic rebar and steel pricing have supported scrap prices while stimulus created by President Erdogan has also boosted local demand.
In the US market an extended Fourth of July holiday has meant that buy-week negotiations started later than usual.
Numerous market participants mentioned that the Midwest has an oversupply of shredded material, yet with bulk export prices increasing they are not expecting a downturn in prices.
TSI’s 10-day average for shredded material (delivered Midwest) ended up settling at $298 a long ton, up $2/l. ton from June.