London 27 January 2011 17:46
MB’s Ferrous Scrap Index cfr Turkey fell slightly on Thursday, when EU recyclers undercut their US competitors.
The index fell $0.63 from Wednesday’s calculation of $499.16 on the same basis, when Turkish mills booked nine deep-sea cargoes comprising 230,000 tonnes of ferrous scrap.
One mill booked two cargoes amounting to 83,000 tonnes. One of these cargoes will contain 26,000 tonnes of A3, and 17,000 tonnes of shredded, booked from the Baltic at an average price of $502 per tonne cfr.
The second cargo consisted of 18,000 tonnes of HMS 1&2 (80:20) mix at $495 per tonne cfr, another 18,000 tonnes of shredded at $500 per tonne cfr, and 4,000 tonnes of bonus material at $505 per tonne cfr.
Other EU recyclers were also active. A Scandinavia-origin scrap sold at $492 per tonne cfr for HMS 1&2 (80:20) mix, and $497 per tonne cfr for shredded material. The cargo’s volume is 25,000 tonnes.
A UK recycler also entered the market, selling 16,000 tonnes of HMS 1&2 (80:20), 13,000 tonnes of shredded and 6,000 tonnes of bonus at an average price of $498 per tonne cfr to a Turkish mill.
Two further Turkish mills bought for February delivery, one buying 25,000 tonnes of HMS 1&2 (75:25) at $486 per tonne cfr, while another steelmaker buying at $500 per tonne cfr.
“Steelmakers in Turkey are still in the market for scrap,” a Turkish mill said.
Wednesday’s activity in Turkey has sent ripples across the global Fe scrap market, with traders in India now hiking offer prices to $495 per tonne cfr, up $15 on Indian mills last price position.
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