WEEKLY SCRAP WRAP: Turkish prices rise on rebar demand, global values follow

Global ferrous scrap prices moved upward in the week from Monday February 19 to Friday February 23, amid strong demand for finished steel in countries including Turkey and India, sources told Metal Bulletin.

Turkish imports
Turkish import scrap markets recorded further price increases this week, shrugging off the negativity surrounding the trade defense recommendations in the United States’ Section 232 report into imports that could threaten national security.
A steel mill in the Izmir region booked booked a Baltic Sea cargo, comprising 30,000 tonnes of HMS 1&2 (80:20) at $355 per tonne and 6,000 tonnes of bonus at $365 per tonne cfr. This deal was done on Friday last week but only came to light on Monday.
Turkish steel mills then took a break from buying to digest the ramifications of the Section 232 report, which threatens to throttle Turkish steel companies exporting to the US.
But an increase of $20 per tonne in Turkish export rebar prices due to good demand helped to spur the mills into further buys at higher prices later in the week.

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Published

Lee Allen

February 23, 2018

17:40 GMT

London