TURKEY June 28 2016 5:58 PM
ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import average prices (CFR Iskenderun Port, Turkey) continued to decline to $235 a ton during the week ended June 10, as per the latest figures from the Steel Index.
According to TSI, the daily benchmark index for deep-sea Turkish imports of HMS #1&2 80:20 dropped $12 a ton during the week and settled at $230 a ton CFR Iskenderun port.
After five weeks of silence in the Turkish scrap market, trades have finally been booked in a burst of activity. Market participants are expecting this to continue into next week as mills need to re-stock their inventories.
Deals observed had a spread of $21/t, with one cargo being booked as high as $245/t; however market consensus was that this was $15-$20/t above where the market will settle for the near term.
Suppliers were evidently attempting to push prices up with high offers; however, with no takers they were risking sending buyers to the Chinese billet market.