A steel mill in the Marmara region booked the cargo at $410-413 per tonne cfr on an HMS 1&2 (80:20) basis. The cargo breakdown was not clear at the time of publication.
This compared with previous Baltic Sea cargoes sold at $435-437 per tonne cfr on an HMS 1&2 (80:20) basis on March 12.
As a result, the daily scrap indices went down sharply on March 25.
Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey
, was calculated at $404.66 per tonne on Thursday, down by $24.15 per tonne day on day.
And the daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey
, was $414.02 per tonne, also down by $24.15 per tonne day on day, leaving the premium for US material over European scrap at $9.36 per tonne on March 25.
Turkish steelmakers continued to stay away from deep-sea scrap purchases, however, intending to put further pressure on prices, because their finished steel sales have come to a halt on a sharp downturn in the Turkish currency
, which has raised domestic long steel prices.
Demand for rebar and wire rod exports has also been limited in recent weeks
“Although Turkish long steel exports are [statistically] higher compared with last year, demand is limited. And demand in the EU is weak, thereby putting pressure on long steel prices,” the chief executive at a major steelmaker said. “This was also why mills could not pay current scrap prices and have stayed away from the deep-sea scrap market.”