While the trend in iron ore prices is maintained at rather low levels, uncertainty remains in the market for steel scrap of American origin, as well as from the CIS countries.
The Turkish scrap steel import market has been calm lately, with several deals with suppliers from the CIS countries. It became known that Turkish steel mills, which buy about 2 million tons of scrap metal per month, are waiting for the moment when the price will go down.
CIS suppliers have already cut prices and have closed several deals as a result. Reportedly, deals for A3 material from CIS countries took place at USD 225-230 CFR Turkey, down by about USD 5-10 per tonne. On the other hand, US suppliers continue to maintain the $ 245 CFR price level.
It is understood that Turkish steel mills are expected to return to the market in full force in the near future with scrap metal price expectations of 220-225 CFR Turkey. They have a general expectation that prices for scrap metal from the US and also from CIS suppliers will go further down in the next 2 weeks.
However, major scrap suppliers say the current quotes in Turkey are not attractive and further price declines are unlikely. Even as Chinese buyers were celebrating their New Years, American scrap steel was selling at $ 245 CFR.
Turkish scrap steel import market is in limbo
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Azovpromstal® 22 February 2015 г. 12:44 |
