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Turkish imported scrap prices have increased by $15-20/ton depending on recently concluded contracts. Market participants believe that prices could take a clear direction once China returns to replenish cargo after the holidays.
In a recently concluded deal, about 25,000 tons of U.S.-origin HMS 1&2 (80:20) was sold to the West Marmara steel mill for shipment in early March. The deal was concluded at $418/tonne CFR Turkey. Prices are up $8 from the last deal.
As scrap prices have increased globally, domestic prices have also increased by $7-33. Demand for scrap is likely to remain stronger due to good demand for finished steel.
Support from finished steel demand and higher steel prices could push bulk scrap bookings for March shipments. Steel mills believe there is room for additional scrap offerings to meet end-user demand.
The Fe 62% iron ore price rose $5.5 and closed at $174.45/t CFR China. The Chinese iron ore and steel futures market resumed after the Chinese New Year vacation week.