FOCUS: Sharp decline in Turkish scrap prices hits global markets

Sentiment in the deep-sea scrap market has become even poorer following the sharp downturn in Turkish import prices amid the spread of the 2019-nCoV coronavirus pandemic, sources said on Friday March 20.

The Turkish steel producers resumed their deep-sea scrap bookings for April shipment cargoes, sending prices down by almost $24 per tonne on March 18.
A steel mill in the Marmara region booked a Canadian cargo, comprising 18,000 tonnes of HMS 1&2 (90:10), 20,000 tonnes of shredded and 12,000 tonnes of plate and structural (P&S) scrap at an average price of $255 per tonne cfr.
Market sources calculated the shredded price of the cargo at $254 per tonne cfr, which would put the HMS 1&2 (80:20) price at $249 per tonne.
Following the news of this transaction, Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, fell to $241.63 per tonne on Wednesday, down by $23.90 per tonne day on day.

The price drop for Europe-origin material was the...

Published

Cem Turken

March 20, 2020

20:45 GMT

Mugla