Turkish steel producers started the week with no new bookings on Monday June 21 amid limited finished steel demand, especially in the export markets, sources told Fastmarkets.
The most recent deals were heard on Tuesday June 15 when two United States cargoes were sold.
A mill in the Marmara region bought those cargoes, which comprised heavy melting scrap 1&2 (80:20) at $500 and $501 per tonne, plus shredded and bonus material at $520 per tonne.
The deep-sea scrap markets then went quiet due to weak demand for rebar in the Turkey export markets.
“The scrap market has been very quiet since late last week. I think the mills are waiting for some rebar export deals before booking more scrap. It seems the market will remain silent. We can see $490-per-tonne levels for scrap soon,” a Turkish mill source said.
“Demand for Turkish rebar is weak, especially in Southeast Asia. That is the main reason for the quiet scrap market,” a second mill source said.
As a result of the lack of fresh trading activity, the daily scrap indices were static on Monday.
Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey was calculated at $500.26 per tonne, unchanged from Friday.
The corresponding daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey was also flat at $506.44 per tonne, leaving the premium for US material over European scrap stable at $6.18 per tonne.
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