DAILY STEEL SCRAP: Summer lull keeps market slow

Turkish steel producers started the week with no deep-sea trade after the holiday periods in the country, market participants said on Monday July 26.

Steel trade in Turkey has been mostly on hold since July 15 due to the public holidays observed in the country.

Turkey observed the Democracy and National Solidarity Day on July 15 and Eid al-Adha the following week from July 19-23.

But market participants said the Turkish steel markets were also affected by the traditional summer slowdown.

“People are on holiday or just returning from one. I think this week will also be slow with market participants checking the prices. I think we will hear new deals by the end of the week or next week,” a Turkish source said.

As a result of the lack of fresh trading activity, Fastmarkets’ daily scrap indices were unchanged on Monday.

The daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey was calculated at $476.93 per tonne on Monday, flat from Friday.

The corresponding index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey was calculated at $484.56 per tonne, also unchanged day on day.

This left the premium for United States material over European scrap at $7.63 per tonne.

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