TURKEY May 22 2017 9:16 AM
ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import weekly average prices (CFR Iskenderun Port, Turkey) gained by $06 a ton week-on-week to $272 a ton during the week ended May 05, as per the latest figures from the Steel Index.
Activity in the Turkish imports market erupted towards the end of the week, with a large number of trades coming to light. Deepsea cargoes from the US, UK, Benelux and Baltic regions were all sold at slightly higher levels with the benchmark HMS 1&2 80:20 index rising $8 a ton on the week to close at $275 a ton.
TSI confirmed 11 deals in the last 3 days, amounting to over 300,000 t of scrap. The dearth of trading seen over much of April may well have depleted mills supplies, forcing the flurry of buying as they look to restock before further price rises.
Margins between scrap and rebar have been narrowing in recent days, slipping to $140.50 a ton, but healthy domestic demand will have lent some support to the mills.
