By Vibin Antony
Turkish HMS 1/2 80:20 scrap average import prices (CFR Iskenderun Port, Turkey) slipped by 0.6% week-on-week to $311.90 a ton during January, as per the latest figures released by the Steel Index.
The first few weeks of January proved to be the calm before the storm for imports of ferrous scrap into Turkey, with prices moving down by $8 a ton over the first three weeks of the month. This was a continuation of the relatively quiet market seen since mid-December, with only a handful of car-goes booked over this period as a consequence of mills being well-stocked.
The market then fell deathly quiet towards the end of the month, with no cargoes heard booked for over a week. The prolonged absence of activity hinted at a game of brinkmanship between yards and mills going on behind the scenes, with a large move in pricing likely.
Many participants were understandably reluctant to be the first to break the deadlock and run the risk of potentially over-paying or under-selling relative to the rest of the market. Eventually, one of the larger scrap suppliers decided enough was enough, and sold a cargo at a significantly lower price to that seen previously.
During the last week of January TSI’s daily benchmark index for Turkish imports of HMS #1&2 80:20 reached an all-time low since publication began in 2010, dropping well below $300 a ton CFR Iskenderun port.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
Turkish HMS 1/2 80:20 scrap average import prices (CFR Iskenderun Port, Turkey) slipped by 0.6% week-on-week to $311.90 a ton during January, as per the latest figures released by the Steel Index.
The first few weeks of January proved to be the calm before the storm for imports of ferrous scrap into Turkey, with prices moving down by $8 a ton over the first three weeks of the month. This was a continuation of the relatively quiet market seen since mid-December, with only a handful of car-goes booked over this period as a consequence of mills being well-stocked.
The market then fell deathly quiet towards the end of the month, with no cargoes heard booked for over a week. The prolonged absence of activity hinted at a game of brinkmanship between yards and mills going on behind the scenes, with a large move in pricing likely.
Many participants were understandably reluctant to be the first to break the deadlock and run the risk of potentially over-paying or under-selling relative to the rest of the market. Eventually, one of the larger scrap suppliers decided enough was enough, and sold a cargo at a significantly lower price to that seen previously.
During the last week of January TSI’s daily benchmark index for Turkish imports of HMS #1&2 80:20 reached an all-time low since publication began in 2010, dropping well below $300 a ton CFR Iskenderun port.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
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