***DAILY SCRAP REPORT: Market unchanged, merchants dismiss rumour of short-sea booking
08 February 2011
MB’s Daily Ferrous Scrap Index was unchanged on Tuesday when no new deep-sea cargoes were sold and market participants dismissed rumors of a short-sea booking by a Turkish mill.
The index calculated to $471.32 per tonne cfr Iskenderun, the same level as Monday. But Turkish steelmakers talked the market down, claiming offers had fallen.
“Today EU HMS 1&2 (70:30 mix) is being offered at $450 [per tonne cfr Turkey], while A3 from the Black Sea is as low as $425,” a source at one steelmaker said. “This has already been concluded.”
But merchants dismissed this report.
“This is propaganda,” said one. “Nobody can sell at $425 with a buying price of $405-410 [per tonne cfr].”
The index calculated to $471.32 per tonne cfr Iskenderun, the same level as Monday. But Turkish steelmakers talked the market down, claiming offers had fallen.
“Today EU HMS 1&2 (70:30 mix) is being offered at $450 [per tonne cfr Turkey], while A3 from the Black Sea is as low as $425,” a source at one steelmaker said. “This has already been concluded.”
But merchants dismissed this report.
“This is propaganda,” said one. “Nobody can sell at $425 with a buying price of $405-410 [per tonne cfr].”
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