Turkish HMS 1/2 80:20 scrap import prices (CFR Iskenderun Port, Turkey) rose by $4 a ton week-on-week t0 $271 a ton during last week, as per the Steel Index.
Market sentiment that $270 a ton would likely prove a ceiling in the price proved unfounded, with a deal completed at well over this level early in the week, albeit on a prompt basis.
A high proportion of the subsequent cargoes were also booked on a prompt basis, highlighting the fact that many mills are still living on a ‘hand-to-mouth’ basis.
Meanwhile, rebar prices ticked up this week, which will have lent support to the rise in scrap prices, although participants state this is predominantly down to tight scrap supply.
(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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