Demand from Turkish steel mills was sluggish this week, with only one deep-sea cargo traded, while a lack of demand in the Asian region pushed prices lower.
But imported scrap prices in India increased this week because of stronger demand.
Turkish steel producers made only one deep-sea booking this week - demand for finished steel products in the domestic and export markets was sluggish.
On Wednesday, a steel mill in the Marmara region booked a European cargo comprising 20,000 tonnes of HMS 1&2 (75:25), 12,500 tonnes of a mixture of plate and structural (P&S) and HMS 1, 5,000 tonnes of shredded and 2,500 tonnes of new cuttings at an average price of $304 per tonne cfr, sending the daily indices by more than $16 per tonne on the day.
Apart from this purchase, the market was moribund this week while mills continued to struggle with poor demand for finished steel products.