DAILY SCRAP REPORT: Turkish mills still in talks for February-March deals

Turkish steel producers were in negotiations for deep-sea scrap purchases while prices stabilized on Tuesday January 23, Metal Bulletin has learnt.

January 23, 2018

By Cem Turken

After booking a number of deep-sea cargoes at the end of the last week, Turkish steel mills were expected to book more deals for February and March.

“The market has stabilized and the demand from Turkish steel mills is expected to pick up. [Scrap and steel] prices are decreasing in continental Europe and this will support Turkish bookings soon,” a trading source said.

“The mills are in negotiations for more deep-sea cargoes. I think we will hear more deals soon,” another source added.

Because of the lack of fresh trading on the day, the daily scrap indices remained flat on January 23.

Metal Bulletin’s daily index for Northern European HMS 1&2 (80:20) closed unchanged day-on-day at $353.94 per tonne cfr, while the daily index for United States-origin scrap also closed flat at $362.99 per tonne cfr.

This put the premium for US material over Northern European scrap at $9.05 per tonne on January 23.