Turkish imported steel scrap price takes major knock in order to stimulate purchasing
2014-02-06 07:20:25 [Print]
LONDON (Asian Metal) 6 Feb 14 - The import market for steel scrap into Turkey has witnessed a surge in demand over the last week with price drops causing this reaction. The latest price for steel scrap HMS1&2 80:20 is USD370-375/t CFR Turkey representing a notable slide in prices of the steel raw material of USD17/t since a week ago. With demand now sky-high in Turkey there has been a lot happening in the market this week, with the downward trend in prices expected to slow down now that demand is back up, according to sources.
A number of sources told Asian Metal that the lowering of prices has finally coaxed Turkish mills back into purchasing this week, after an extremely quiet January.
A source at a Turkish steel mill told Asian Metal that they had made a booking of scrap this week at USD370/t CFR Turkey for 20,000/t of HMS1&2 80:20. With prices witnessed last week at USD387/t CFR Turkey for HMS1&2 80:20, this represents a significant downward shift in prices. “Prices were very high last week, as mentioned, however, the increasing downward pressure on prices has caused prices to move down, causing demand from Turkey to subsequently increase,” explained the source.
This idea appeared to be the general sentiment echoed by a number of sources who spoke with Asian Metal as all agreed that prices were certainly not going to go up much again anytime soon.
A second source based in Turkey said that the latest news there was that prices this week had dropped significantly in order to stimulate demand again, due to very few deals being struck over the past month. “We are purchasing material this week at around USD371-373/t CFR Turkey for HMS1&2 80:20 as prices have now come down to a reasonable level,” commented the source. Now that we have entered the first week of February it is widely expected that prices will not move too much more now, although there is speculation among sources that there may well be a small upward movement.
“Prices are now looking a lot more attractive to us as they were previously far too high to justify purchasing. We have to hope that this renewed demand does not cause prices to inflate too much again,” explained the source.
A number of sources told Asian Metal that the lowering of prices has finally coaxed Turkish mills back into purchasing this week, after an extremely quiet January.
A source at a Turkish steel mill told Asian Metal that they had made a booking of scrap this week at USD370/t CFR Turkey for 20,000/t of HMS1&2 80:20. With prices witnessed last week at USD387/t CFR Turkey for HMS1&2 80:20, this represents a significant downward shift in prices. “Prices were very high last week, as mentioned, however, the increasing downward pressure on prices has caused prices to move down, causing demand from Turkey to subsequently increase,” explained the source.
This idea appeared to be the general sentiment echoed by a number of sources who spoke with Asian Metal as all agreed that prices were certainly not going to go up much again anytime soon.
A second source based in Turkey said that the latest news there was that prices this week had dropped significantly in order to stimulate demand again, due to very few deals being struck over the past month. “We are purchasing material this week at around USD371-373/t CFR Turkey for HMS1&2 80:20 as prices have now come down to a reasonable level,” commented the source. Now that we have entered the first week of February it is widely expected that prices will not move too much more now, although there is speculation among sources that there may well be a small upward movement.
“Prices are now looking a lot more attractive to us as they were previously far too high to justify purchasing. We have to hope that this renewed demand does not cause prices to inflate too much again,” explained the source.
