Turkish mills stay away from deep-sea bookings amid weaker steel sales

The Turkish deep-sea steel scrap market remained quiet on Wednesday July 5, amid limited finished steel sales and falling prices in the country, sources told Fastmarkets.The most recent deep-sea deals were heard on Tuesday July 4, when a steel mill in the Marmara region booked a US cargo, comprising HMS 1&2 (85:15) at $381 per tonne, shredded and bonus at $399 per tonne CFR. The same mill also booked a European cargo of HMS 1&2 (80:20) at $369 per tonne CFR.

Despite scrap prices holding steady in the latest bookings, steel prices in Turkey recently weakened in response to falling demand.

In the Karabük region near the Black Sea, long steel mill Kardemir opened its domestic billet sales book on Wednesday July 5, offering 150x150mm, S235JR-grade steel billet at $565 per tonne EXW, and the same size B420-grade at $570 per tonne EXW.

Fastmarkets’ weekly price assessment for steel billet, domestic, exw Turkey, was unchanged week on week at $575-580 per tonne on Thursday June 29.

Turkish mills were heard offering rebar for export, meanwhile, at $610-620 per tonne FOB on an actual-weight basis, down from Fastmarkets’ June 29 price assessment for steel reinforcing bar (rebar), export, fob main port Turkey, at $620-625 per tonne.

The lack of fresh trading activity in the deep-sea market on Wednesday, left the daily scrap indices unchanged.

Fastmarkets’ daily index for steel scrap HMS 1&2 (80:20 mix) North Europe origin, cfr Turkey was calculated at $373.60 per tonne on Wednesday, unchanged day on day.

And the corresponding daily index for steel scrap HMS 1&2 (80:20 mix) US origin, cfr Turkey was $377.52 per tonne on July 5, also flat day on day, leaving the premium for US scrap over European material at $3.92 per tonne.

Published by: Cem Turken