MB’s Daily Ferrous Scrap Index cfr Turkey slipped marginally again to $445.14 on Tuesday from Monday’s figure of $445.61 per tonne on an HMS 1&2 (80:20) basis after one booking was finalised on Monday and information of another cargo late on Friday became available.
A Turkish mill which had not yet entered the market in the latest round of bookings made its first purchase, securing 12,500 tonnes of HMS 1&2 (70:30) at $442 per tonne cfr, and another 17,500 tonnes of HMS 1 at $457 per tonne cfr on Monday.
Details of a booking finalised on Friday also became available. 15,000 tonnes of UK-origin HMS 1&2 (70:30) material was booked at $433.50 per tonne cfr, as well as 2,000 tonnes of bonus grade sold for $453.50 per tonne cfr.
Merchants and processors insisted that demand for scrap in Turkey remained strong, as one major recycler dismissed bids for HMS 1&2 (80:20) at $446.50 per tonne cfr from Turkish mini-mills.
“It is our expectation that an additional 20 cargoes will need to be booked by Turkish mills for demand to be covered,” one recycler told MB.
Merchants remain positive, and believed the bottom of the market has been reached.
“Whilst one may see other sales from those of a more bearish persuasion, we are of the view that the market is already basing and bottoming out,” the recycler said.
A Turkish mill which had not yet entered the market in the latest round of bookings made its first purchase, securing 12,500 tonnes of HMS 1&2 (70:30) at $442 per tonne cfr, and another 17,500 tonnes of HMS 1 at $457 per tonne cfr on Monday.
Details of a booking finalised on Friday also became available. 15,000 tonnes of UK-origin HMS 1&2 (70:30) material was booked at $433.50 per tonne cfr, as well as 2,000 tonnes of bonus grade sold for $453.50 per tonne cfr.
Merchants and processors insisted that demand for scrap in Turkey remained strong, as one major recycler dismissed bids for HMS 1&2 (80:20) at $446.50 per tonne cfr from Turkish mini-mills.
“It is our expectation that an additional 20 cargoes will need to be booked by Turkish mills for demand to be covered,” one recycler told MB.
Merchants remain positive, and believed the bottom of the market has been reached.
“Whilst one may see other sales from those of a more bearish persuasion, we are of the view that the market is already basing and bottoming out,” the recycler said.
we can offer HMS 80/20 direct from our poland yard.
ReplyDeletemultinox overseas
naresh bhansali