MB’s Daily Ferrous Scrap Index cfr Iskenderun slipped again on Wednesday, falling to $443.89 per tonne cfr from $445.14 on an HMS 1&2 (80:20 mix) basis.
The index fell when a southern Turkish mill bought ex-EU material at a lower level.
The EAF steelmaker bought 12,000 tonnes of HMS 1&2 (70:30 mix), 9,000 tonnes of shredded, and another 9,000 tonnes of HMS 1 at an average cost of $440 per tonne cfr.
Other mills stayed out of the market, willing scrap prices to begin rising again to justify further finished product price hikes.
“I think scrap is stable now,” one Turkish steelmaker said. “There is strong domestic demand for billet at higher prices.”
Export demand for wire rod is also strong, another steelmaker said.
The only ferrous scrap grade which is being booked at levels lower – relative to other grades – is HMS 1&2 (70:30 mix), as Turkey is the only feasible destination for the material.
In fact, the $50 slump in the scrap import market last week was prompted by an offer of ex-EU HMS 1&2 (70:30 mix) at levels around $20 below the previous booking prices. This offer then received no interest from steelmakers, sapping market confidence from scrap merchants, who then offered at lower levels.
The index fell when a southern Turkish mill bought ex-EU material at a lower level.
The EAF steelmaker bought 12,000 tonnes of HMS 1&2 (70:30 mix), 9,000 tonnes of shredded, and another 9,000 tonnes of HMS 1 at an average cost of $440 per tonne cfr.
Other mills stayed out of the market, willing scrap prices to begin rising again to justify further finished product price hikes.
“I think scrap is stable now,” one Turkish steelmaker said. “There is strong domestic demand for billet at higher prices.”
Export demand for wire rod is also strong, another steelmaker said.
The only ferrous scrap grade which is being booked at levels lower – relative to other grades – is HMS 1&2 (70:30 mix), as Turkey is the only feasible destination for the material.
In fact, the $50 slump in the scrap import market last week was prompted by an offer of ex-EU HMS 1&2 (70:30 mix) at levels around $20 below the previous booking prices. This offer then received no interest from steelmakers, sapping market confidence from scrap merchants, who then offered at lower levels.
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