DAILY STEEL SCRAP: Mills pause deep-sea trade at the beginning of the week
Turkish steelmakers skipped the first working day of the week with no deep-sea scrap trades, sources told Fastmarkets on Monday August 23.
The most recent deep-sea trade was recorded at the end of the last week, when a steel mill in the Iskenderun region booked a United States cargo comprised of 20,000 tonnes of HMS 1&2 (80:20) at $450 per tonne and 3,000 tonnes of bonus and 7,000 tonnes of shredded at $470 per tonne cfr.
Steel mills in the country have been keeping their deep-sea bookings slow due to sluggish long steel demand in the export and domestic markets, resulting in a decrease in prices.
The lack of fresh trading activity in the deep-sea markets left the daily scrap indices flat at the beginning of the week.
Fastmarkets’ calculation of the index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey was calculated at $443.29 per tonne on Monday August 23, unchanged from Friday’s index.
Fastmarkets calculation of the daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey was calculated at $451.38 per tonne on August 23, also flat day on day, leaving the premium for US-origin material over European scrap at $8.09 per tonne.