TURKEY March 22 2016 11:16 AM
ANKARA (Scrap Register): The February monthly average of the daily benchmark prices for Turkish imports of HMS #1&2 80:20 was $177.05 a ton CFR Iskenderun port, down $8.70 a ton from January. The prices dropped to $174 a ton mid-month, before the market turned and prices began increasing sharply again to finish the month at $197 a ton, said the Steel Index.
Scrap import prices were relatively flat in the first three weeks of the year, with little trade occurring. However, a number of factors then combined to push prices significantly higher—India’s steel industry received a boost from the government imposed minimum import price, with Indian buyers securing multiple bulk cargoes, thus reducing the scrap supply.
The Turkish domestic market also saw an uptick in demand, whilst iron ore and finished steel prices in China also began to soar, making scrap flavour of the month once again.
Turkish steel mills were able to raise their rebar prices significantly, as the threat of cheap Chinese exports subsided. This allowed scrap merchants to raise their offers in tandem.