WEEKLY SCRAP WRAP: Turkey begins recovery as other markets struggle

Global steel scrap prices began to edge up in Turkey this week while other key markets continued to lose ground, Fastmarkets heard during the week ended Friday March 1.

Turkey succeeded in recovering some of its recent losses in new bookings, but these remained sparse and mills were still reluctant to enter the market. The US market continued to stagnate while prices in Asia edged down further due to weak demand and an oversupply of material. Turkey Turkish steel mills were largely absent from the scrap markets this week while they watched for sales of finished products before engaging in further scrap buying. Only two deep sea cargoes were booked this week, but prices did increase at the end of the week. A steel mill in the Izmir region booked a US cargo, comprising 10,000 tonnes of HMS 1&2 (80:20) at $313 per tonne, 10,000 tonnes of shredded at $318 per tonne and 10,000 tonnes of bonus at $323 per tonne cfr, late on February 27. On March 1, a steel mill in the Marmara region booked a Baltic Sea cargo, comprising 25,000...

Published

Carrie Bone

March 01, 2019

18:32 GMT

London