MB’s Ferrous Scrap Index cfr Turkey fell significantly on Friday when European exporters reduced their offers after several days of inaction.
The index calculated at $476.32 per tonne cfr Iskenderun on an HMS 1&2 (80:20 mix) basis on Friday, down $17.22 on Thursday’s number.
One EU recycler offered a deep-sea cargo of HMS 1&2 (70:30 mix) at $460 per tonne cfr – in line with short-sea offers of A3 material on Thursday – that failed to tempt steelmakers into the market.
US recyclers offered HMS 1&2 (80:20 mix) and shredded material at $480-485 per tonne cfr respectively. No mills responded.
The riots in Egypt have fuelled speculation on the market all week, but, following the diversion of several distressed cargoes of CIS-origin billet to Turkish ports, even Turkey’s domestic finished product trade is being hit, market participants said.
“Several mills are out of the scrap market: if they can’t sell their end products, they’re not going to be buying scrap any time soon,” a trader said.
Domestic demand is not as slack for some mills though.
“The market is slow because of Egypt, but people are still selling [billet] to certain areas,” a steelmaker said.
The index calculated at $476.32 per tonne cfr Iskenderun on an HMS 1&2 (80:20 mix) basis on Friday, down $17.22 on Thursday’s number.
One EU recycler offered a deep-sea cargo of HMS 1&2 (70:30 mix) at $460 per tonne cfr – in line with short-sea offers of A3 material on Thursday – that failed to tempt steelmakers into the market.
US recyclers offered HMS 1&2 (80:20 mix) and shredded material at $480-485 per tonne cfr respectively. No mills responded.
The riots in Egypt have fuelled speculation on the market all week, but, following the diversion of several distressed cargoes of CIS-origin billet to Turkish ports, even Turkey’s domestic finished product trade is being hit, market participants said.
“Several mills are out of the scrap market: if they can’t sell their end products, they’re not going to be buying scrap any time soon,” a trader said.
Domestic demand is not as slack for some mills though.
“The market is slow because of Egypt, but people are still selling [billet] to certain areas,” a steelmaker said.
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