DAILY SCRAP REPORT: Turkish import market drops, floor seen
Ferrous scrap import prices to Turkey have dropped because of Turkish steel mills’ attempts to protect their profit margins from any threat of lower finished steel prices, sources told Metal Bulletin on Wednesday September 27.
The price fall came after a deal for a mixed cargo from North America was reported.
But the sources expect to see a price floor in the near future, easing the market pressure on scrap prices into Turkey. This is because the country’s domestic steel product prices appear to be well supported both for domestic sales and for exports to Asia.
Metal Bulletin’s daily scrap index for Northern Europe-origin HMS 1&2 (80:20) scrap closed on Wednesday at $300.24 per tonne cfr, down from $310.53 per tonne cfr on Tuesday.