21 February 2011
MB’s Daily Ferrous Scrap Index cfr Iskenderun rose on Monday following heavy booking activity by Turkish mills at the end of last week.
Increasing $1.83 per tonne to $446.26 on Monday from Friday’s figure of $444.43 per tonne, transaction prices failed to match the increases expected by recyclers and mills at the end of last week.
Turkish steelmakers believed US scrap processors would return to the market near $460 per tonne cfr, but cargoes were booked up to $15 below that level.
One international scrap processing firm sold at least three cargoes to separate Turkish mini-mills from the USA.
The first cargo was sold at $445 per tonne cfr for HMS 1&2 (80:20), $450 per tonne cfr for shredded material and bonus grade was booked at $455 per tonne cfr Iskenderun.
Two more cargoes were booked by two Turkish mini-mills and contain HMS 1&2 (80:20) at $446 and $448 per tonne cfr, shredded material bought at $451 and $453 per tonne cfr, while bonus scrap was booked at $456 and $458 per tonne cfr.
Rumours of a fourth sale from the USA were unconfirmed at the time of writing.
An EU-based recycler was also involved in the booking frenzy, selling 35,000 tonnes of HMS 1&2 (70:30) grade to a Turkish mill, which also booked the first cargo from the USA scrap processor.
The same steelmaker also bought a break bulk cargo from a UK recycler.
The mill purchased HMS 1&2 (80:20) at $441 per tonne cfr, shredded material at $447 per tonne cfr, and bonus grade at $452 per tonne cfr.
A fourth Turkish steelmaker entered the market buying 24,000 tonnes of HMS 1&2 (80:20) at $448 per tonne cfr and 17,000 tonnes of shredded scrap at $453 per tonne cfr.
Although transaction levels were not as high as expected, recyclers were glad to see the end of the recent price falls.
“It seems the downtrend has stopped and these prices represent some recovery to previous levels and expectations,” a recycler said.
“Further recovery depends on whether more transactions are needed by the Turkish mills this week,” the recycler continued.
Increasing $1.83 per tonne to $446.26 on Monday from Friday’s figure of $444.43 per tonne, transaction prices failed to match the increases expected by recyclers and mills at the end of last week.
Turkish steelmakers believed US scrap processors would return to the market near $460 per tonne cfr, but cargoes were booked up to $15 below that level.
One international scrap processing firm sold at least three cargoes to separate Turkish mini-mills from the USA.
The first cargo was sold at $445 per tonne cfr for HMS 1&2 (80:20), $450 per tonne cfr for shredded material and bonus grade was booked at $455 per tonne cfr Iskenderun.
Two more cargoes were booked by two Turkish mini-mills and contain HMS 1&2 (80:20) at $446 and $448 per tonne cfr, shredded material bought at $451 and $453 per tonne cfr, while bonus scrap was booked at $456 and $458 per tonne cfr.
Rumours of a fourth sale from the USA were unconfirmed at the time of writing.
An EU-based recycler was also involved in the booking frenzy, selling 35,000 tonnes of HMS 1&2 (70:30) grade to a Turkish mill, which also booked the first cargo from the USA scrap processor.
The same steelmaker also bought a break bulk cargo from a UK recycler.
The mill purchased HMS 1&2 (80:20) at $441 per tonne cfr, shredded material at $447 per tonne cfr, and bonus grade at $452 per tonne cfr.
A fourth Turkish steelmaker entered the market buying 24,000 tonnes of HMS 1&2 (80:20) at $448 per tonne cfr and 17,000 tonnes of shredded scrap at $453 per tonne cfr.
Although transaction levels were not as high as expected, recyclers were glad to see the end of the recent price falls.
“It seems the downtrend has stopped and these prices represent some recovery to previous levels and expectations,” a recycler said.
“Further recovery depends on whether more transactions are needed by the Turkish mills this week,” the recycler continued.
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