December 03, 2008

Turkish scrap market remains steady at high levels

Affected by price rise on scrap in Turkey, some steel mills in Turkey did not reach any agreement last week due to higher price.

According to the latest 2 deals of scrap in Turkey, the price of mixed scrap number 1 and number 2 was at CFR USD 553 per tonne, P&S scrap was at CFR USD 563 per tonne. In addition, the price for A3 scrap of Baltic Sea, including few bonus scrap and shredded scrap, was at CFR USD 564 per tonne.

The scrap price is uncertain in Turkish market this week owing to shortage of American scrap. Meanwhile, the bonus scrap from Far East region is about CFR USD 590 to USD 600 per tonne. The price of mix scrap number 1 and number 2 from the Europe is at CFR USD 547 per tonne. Besides, the price for A3 scrap of black sea to Turkey is around CFR USD 550 to USD 560 per tonne.

Regarding the review on the performance of scrap market in the past 4 months, the scrap price in Turkey is CFR USD 550 per tonne in March 2008 up by 57% from CFR USD 350 per tonne in December 2007. Also, the scrap price is expected to keep skyrocketing with the increase of 65% in iron ore price.

(Sourced from Yieh.com)