Posted on 08 Jan 2024
Following numerous bookings concluded in the first week of the year, Turkey’s scrap market remained quiet on Friday.
Although there were still mills inquiring about scrap on Friday, they found suppliers’ offer levels on the high side.
UK and EU-origin offers for HMS 1&2 80:20 stood mostly at around $420/tonne cfr Turkey on Friday. However, mills’ price targets were at $416-417/t cfr levels.
Although there were rumours of an HMS 1&2 80:20 sale at $422/t cfr, this remained unconfirmed until deadline on Friday.
US suppliers were mostly out of the market last week. Market players expect them to return this week with offers at above $425/t cfr.
A deep-sea supplier tells Kallanish: “The price spread between the bookings of last week was quite high. Unstable prices confused buyers. Instead of continuing to buy on Friday, they tried to understand the actual levels of scrap.”
Meanwhile, Romania-origin scrap, which was sold at $389/t cfr Turkey earlier last week, increased to $394/t cfr on the latest booking.
While rebar export demand remained weak on Friday, domestic demand remained moderate, with mills’ offers at $605-630/t ex-works.
Source:Kallanish
