Turkish HMS 1/2 80:20 import prices jump to $286 a ton

TURKEY July 28 2017 10:46 AM
 ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import weekly average prices (CFR Iskenderun Port, Turkey) jumped by $10 a ton week-on-week at $286 a ton during the week ended June 30, as per the latest figures from the Steel Index.

The scrap market ticked up this week on the back of a number of cargoes that traded at higher levels over the week. 

Several cargoes found their way into Turkey over the week, proving levels at $290 a ton. Most of the material bought over the week originated from the US as US exporters returned to the market after a notable absence over the past month. 

The uptick in pricing has been driven by the demand for rebar in Turkey, which has been unusually high the past couple of months. 

With the rebar demand driving scrap prices up, expectation for the US buy week in July has changed to be considerably more optimistic. 

There is some concern over the longevity of the domestic rebar demand, and with a tepid export market at best; the mills will have few others to turn to in order to sell rebar. 

European traders have expressed certain optimism in the near term however, with sources saying that prices could continue to move up.