DAILY STEEL SCRAP: Mills continue to stay out of seaborne market

Turkish steel mills extended their silence in the deep-sea scrap market on Thursday June 17, with market participants reporting no new bookings for the second day in a row and describing the market as “quiet.”

Two cargoes heard booked earlier in the week, but brought scrap prices down by $10 per tonne.

This week, Turkish steel mills have mostly focused on selling rebar in the export market, with Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), export, fob main port Turkey, widening to $730-765 per tonne on June 17, from $745-760 per tonne on June 10.

Due to the lack of fresh transactions, Fastmarkets’ daily scrap indices remained flat on Thursday.

Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, was calculated at $500.26 per tonne on June 17, unchanged day on day.

And the corresponding daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, was also unchanged on Thursday at $506.44 per tonne, leaving the premium for US material over European scrap at $6.18 per tonne.