DAILY STEEL SCRAP: Prices continue to fall with fresh US cargo deal
Turkish deep-sea scrap import prices have fallen due to a United States cargo deal completed at a low price, sources told Fastmarkets on Thursday July 29.
A steel mill in the Marmara region booked a US cargo, comprising HMS 1&2 (80:20) at $471 per tonne with shredded and bonus at $486 per tonne cfr.
This compares with the previous deep-sea booking heard on Wednesday July 28, when a steel mill in the same region booked a US cargo at $475 per tonne cfr on HMS 1&2 (80:20) basis.
Daily scrap indices consequently decreased on Thursday July 29.
Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), United States origin, cfr Turkey was calculated at $471 per tonne on Thursday, down by $4.96 per tonne day on day.
The corresponding index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey was calculated at $463.37 per tonne, also down by $4.96 per tonne day on day, leaving the premium for US material over European scrap at $7.63 per tonne.
Limited finished long steel trade was the main reason for falling prices, sources said.
Long steel and billet prices have fallen in the week to July 29.
Long steel mill Kardemir, in the Karabük region, opened its domestic billet sales early on Thursday July 29 and offered 150x150mm material at $677-682 per tonne ex-works.
On July 22, Fastmarkets’ price assessment for steel billet, domestic, exw Turkey was at $685-690 per tonne.
Demand for rebar was also sluggish in both the export and domestic markets in recent weeks.