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    DAILY STEEL SCRAP: Mills end week with a single cargo deal

    شناسه : 53606 06 شهریور 1400 - 10:30
    Turkish steel producers made no new scrap bookings on Friday August 27, ending the working week with a single cargo deal amid limited finished steel sales, market participants said.
    DAILY STEEL SCRAP: Mills end week with a single cargo deal
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    Turkish steel producers made no new scrap bookings on Friday August 27, ending the working week with a single cargo deal amid limited finished steel sales, market participants said.

    A steel mill in the Iskenderun region booked a European cargo on Wednesday, comprising 22,500 tonnes of heavy melting scrap 1&2 (80:20) and 12,500 tonnes of bonus at an average price of $450 per tonne cfr. The HMS 1&2 (80:20) price of the cargo was calculated at $443 per tonne cfr, while the bonus price was $463 per tonne.

    The country’s steel mills have kept their deep-sea purchases slow during the past week due to weak steel sales.
    Turkish steelmakers cut their rebar export offers to $670-675 per tonne fob on actual-weight basis this week, from $680-695 per tonne fob last week. But this failed to encourage demand, with no significant export trade heard.

    Rebar Price

    Fastmarkets assessed steel reinforcing bar (rebar), export, fob main port Turkey at $670-675 per tonne on August 26, down by $10-15 per tonne from $680-690 per tonne one week earlier.
    Market participants expect further price declines for both scrap and finished long steel products.

    “We expect there will be resistance at a price level of $650 per tonne fob [for rebar exports]. There might be some sales at that level, but if demand does not revive at that point, the market will see some sharp decreases,” a trading source said.

    As a result of the lack of fresh trading activity, the daily scrap indices remained static at the end of the week.
    Fastmarkets’ index for steel scrap HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey was calculated at $444.46 per tonne on Friday, unchanged day on day.

    The daily index for steel scrap HMS 1&2 (80:20 mix), United States origin, cfr Turkey was calculated at $452.55 per tonne, also flat day on day, leaving the premium for US-origin material over European scrap at $8.09 per tonne.

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