Turkey ferrous: Price up on stronger buying appetite

Market: Metals
09/08/21

The Turkish scrap import price increased on Monday on stronger purchasing appetite as it became clear that increasing numbers of buyers entered the market from the middle of last week after availability appeared below $465/t cfr for premium HMS 1/2 80:20.

The Argus daily HMS 1/2 80:20 cfr Turkey steel scrap assessment increased $2.50/t to $461.30/t cfr today.

Turkish steelmakers were still seeking to pressure premium HMS 1/2 80:20 prices into the $450s/t cfr early this week but their purchasing appetite was clearly shown last week in a $461-465/t cfr bracket when eight Turkish mills bought cargoes in this range.

This scrap purchasing appetite last week was during a period in which Turkish domestic semi-finished and finished steel demand increased but then subsequently subsided on Friday after the lira deteriorated against the US dollar. The lira strengthened against the US dollar today although not to yet to an extent that it has wiped out last week's losses.

A total of 22 deep-sea cargoes are recorded to have bought by Turkish mills in the past 10 business days, with 11 cargoes bought last week, and 11 cargoes the previous week.

Turkish mills did not purchase any deep-sea cargoes in the preceding 10 business days during the national holiday period and may have been making up for that inactivity during the past 10 business days.

But they are purchasing a large quantity of their September deep-sea shipment requirements a lot earlier than they purchased their August shipment requirements, potentially because of their expectations for improved steel demand in September compared to in July and August. At least 14 deep-sea cargoes have traded so far with Turkish mills for September shipment.

Mills have also stated their expectation for Chinese steel export taxes to eventually be implemented. In China today, there were new rumours that an export tax could be placed on hot-rolled coil exports on 15 August, this coming Sunday.

In the short-sea Turkish imported ferrous scrap market, a Marmara mill bought 5,000t of Bulgarian HMS 1/2 80:20 at $430/t cif on Friday.

The Argus daily HMS 1/2 80:20 (short-sea) cif Turkey steel scrap assessment was flat at $427.50/t on Monday.

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