America’s major scrap supplier managed to close two deals with steelmakers in Turkey for mixed lots 40,000 t each. In these sales, a Marmara mill agreed to pay $296/t CFR for HMS 1&2 (80:20), while in the contract to Iskenderun the same grade was priced at $298/t CFR.As a result, tags for ex-US scrap in Turkey were fxed by $6-8/t higher than last week’s $290/t CFR.
Market insiders mostly assume scrap tags may move up in next deals, especially given rather high-priced brisk sales for rebar in the country. In addition, billet offers moved up in Turkey as well to $430-435/t CFR (by $10/t up over the week). “If you compare scrap and billet prices, the choice is still scrap. In fact, there is some room for it to frm up a bit more,” a source told Metal Expert. “The level of $300/t CFR is a psychological mark, but soon we might be playing beyond it,” he added. Some players, however, expect a certain calm period for around a week with only minor changes in pricing to take place.
Overall,Turkey’s mills are expected to book more cargoes in the near future, being in need to restock on August
shipments.“According to my calculation around 13-14 cargoes booked, around 15 more have to be purchased,” a trading source said.
Source: World steel news
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