DAILY STEEL SCRAP: Mills await direction from finished long steel market
Turkish steel mills held off from making deep-sea scrap bookings on the first working day of the week, market participants told Fastmarkets on Monday April 12.
The most recent cargo was heard at the end of the last week, when a steel mill in the Iskenderun region booked a Canadian cargo comprising 35,000 tonnes of HMS 1&2 (95:5) and 15,000 tonnes of shredded at an average price of $436 per tonne cfr.
Market participants reported a total of seven cargoes booked by Turkish steelmakers in the past week.
An eighth one came to light on Monday April 12: Another steel mill in the Iskenderun region booked a Canadian cargo comprising 20,000 tonnes of HMS 1&2 (95:5), 5,000 tonnes of shredded and 25,000 tonnes of plate and structural (P&S) at an average price of $445 per tonne cfr last week.
“The week started slow, as the producers were focusing on finished steel sales before booking more scrap,” a Turkish mill source said.
As a result of a lack of fresh transactions, the daily scrap indices remained flat at the beginning of the week.
Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey was $423.29 per tonne on Monday April 12, unchanged day on day.
Fastmarkets calculated the daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey at $429.26 per tonne on Monday, also steady day on day, leaving the premium for US material over European scrap at $5.97 per tonne.