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.