Turkish steelmakers were buying imported materials to shore up their inventories, while buyers in Asia were purchasing spot cargoes to hedge against future price increases.
Scrap prices in the Turkish import market began the week slowly, but offers rose as the week progressed. The country’s mills, however, resisted the higher prices because, with demand for their finished steel products remaining low, they did not want scrap prices to rise too quickly.
In deals heard by Fastmarkets this week, the prices for HMS 1&2 (80:20) were in the range of $312-322 per tonne, including deals with averaged prices.
Fastmarkets’ daily scrap index for HMS 1&2 (80:20) from Northern Europe was $317.43 per tonne cfr on Friday, up from $310.38 per tonne on Monday. The index for similar material from the US was $322.86 per tonne cfr on Friday, up from $315.80 per tonne on Monday.
The Turkish producers made no deep-sea scrap bookings on Friday,...