Turkish steel producers continued their deep-sea scrap purchases with support from firm demand for long steel products in the country, sources said on Tuesday September 8.
*** booked cargo
A steel mill in the Marmara region booked a Baltic Sea cargo, comprising HMS 1&2 (80:20) at $302 per tonne, shredded at $307 per tonne and bonus at $312 per tonne cfr late on September 7. The cargo breakdown was not yet fixed by the parties but was expected to total 28,000-30,000 tonnes, according to the sources. Another steel mill in the Iskenderun region also booked a Baltic Sea cargo of 17,000 tonnes of HMS 1&2 (95:5) at $310 per tonne cfr.
These trades compared with the most recent deep-sea transaction, done on September 4 for a cargo from the United States at $300 per tonne cfr on an HMS 1&2 (80:20) basis. As a result of the fresh Baltic Sea deals, the daily scrap indices went up further on September 8.
*** Index for steel scrap
Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, was calculated at $298.49 per tonne on Tuesday, up by $3.21 per tonne day-on-day. The daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, was $302.92 per tonne on September 8, also up by $3.21 per tonne day-on-day. This left the premium for US material over European scrap flat at $4.43 per tonne on September 8.
*** Billet and rebar
The Turkish steel mills have been replenishing their scrap stocks in recent weeks thanks to firm long steel demand in both the local and export markets, sources said. Long steel producer Kardemir, in the Karabük region, opened its domestic rebar and billet sales books on Tuesday at higher prices. The company offered 150x150mm billet at $429-434 per tonne ex-works and sold 72,600 tonnes of material. It opened its rebar sales at 4,053 lira ($543) per tonne ex-works, including 18% VAT, for 12-32mm material and sold 31,750 tonnes before closing both its sales books.
Fastmarkets’ weekly price assessment for steel billet, domestic, exw Turkey, was $425-430 per tonne on September 3, up from $420-425 per tonne ex-works a week earlier. The weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey, was 3,950-3,960 lira per tonne on the same day, up from 3,860-3,870 lira per tonne a week earlier.
At least two steel mills were heard to have sold good tonnages of rebar in recent weeks, according to the sources. A steel mill in the Marmara region was heard to be waiting to ship some 330,000 tonnes of rebar to Hong Kong, while another steel mill in the same region sold 110,000 tonnes of rebar to the same destination.
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