Recent deep-sea and short-sea cfr Turkey scrap deals

: Metals
25/03/27

A summary of the most recent deep-sea and short-sea cfr Turkey ferrous scrap deals seen by Argus.

Ferrous scrap deep-sea trades (average composition price, cfr Turkey)
Date	Volume, t	Price, $	Shipment	Buyer	Seller	Composition	Index relevant


21-Mar	40,000	383 (80:20)	April	Izmir	USA	HMS 1/2 85:15, shred, bonus	Y
18-Mar	30,000	376 (80:20)	April	Iskenderun	Cont. Europe	HMS 1/2 80:20, shred, bonus	Y
18-Mar	40,000	381 (80:20)	April	Iskenderun	USA	HMS 1/2 80:20, shred, bonus	Y
18-Mar	40,000	380 (80:20)	April	Marmara	Baltics/Scan	HMS 1/2 80:20, shred, bonus	Y
17-Mar	30,000	375 (80:20)	April	Iskenderun	Cont. Europe	HMS 1/2 80:20, shred, bonus	Y
14-Mar	30,000	380 (80:20)	April	Marmara	USA	HMS 1/2 80:20, shred, bonus	Y
13-Mar	30,000	382 (80:20)	April	Iskenderun	USA	HMS 1/2 95:5, shred	Y
13-Mar	30,000	380 (80:20)	April	Izmir	USA	HMS 1/2 80:20, shred	Y
13-Mar	30,000	375 (80:20)	April	Izmir	Cont. Europe/UK	HMS 1/2 80:20, shred	Y
13-Mar	30,000	380 (80:20)	March	Iskenderun	USA	HMS 1/2 80:20, shred	Y

Ferrous scrap short-sea trades (average composition price, cif Marmara)
Date	Volume, t	Price, $	Shipment	Buyer	Seller	Composition	Index relevant


24-Mar	3,000	353	April	Izmir	Romania	HMS 1/2 80:20	Y
24-Mar	3,000	351	April	Bartin	Romania	HMS 1/2 80:20	Y
21-Mar	5,000	370	April	Izmir	Greece	HMS 1/2 80:20	Y
21-Mar	6,000	369	April	Marmara	Italy	HMS 1/2 80:20, bonus	Y

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25/04/01

Mexico GDP outlook falls again in March survey

Mexico City, 1 April (Argus) — Private-sector analysts lowered Mexico's 2025 GDP growth forecast to 0.5pc in the central bank's March survey, down by more than a third from the prior forecast, driven by increased concerns over US trade policy and weakening domestic investment. The latest outlook is down from 0.8pc estimated in February and marks the largest of four consecutive reductions in the median forecast for 2025 GDP growth in the central bank's monthly surveys since December. Mexico's economy decelerated in the fourth quarter of 2024 to an annualized rate of 0.5pc from 1.7pc the previous quarter, the slowest expansion since the first quarter of 2021, according to statistics agency data. Uncertainty over US trade policy has weighed on investment and contributed to the slowdown. Concerns have intensified in recent weeks with US president Donald Trump set to announce sweeping new tariffs on 2 April. Mexico is preparing its response, possibly including reciprocal tariffs, on 3 April. A key concern in Mexico is an expiring carveout to the tariffs for treaties aligned with US-Mexico-Canada (USMCA) free trade agreement rules of origin. Mexico's economy minister said last week ongoing negotiations aim to secure a "preferential tariff," including a continuance of that exclusion and lower tariffs for goods progressing toward USMCA compliance. The median 2026 GDP growth estimate fell to 1.6pc from 1.7pc in February. Analysts again cited security, governance and trade policy as top constraints to growth. Year-end 2025 inflation expectations edged lower to 3.70pc in March from 3.71pc in February. The central bank's board of governors cut Mexico's target interest rate by 50 basis points to 9pc from 9.5pc on 27 March, citing expectations that inflation will continue to slow toward the central bank's 3pc long-term goal and reach 3.3pc by year-end. The board said it would consider additional cuts of that size at future meetings. Mexico's consumer price index accelerated to an annual 3.77pc in February, as slower growth in agricultural prices was offset by faster inflation in services. The target interest rate is projected to fall to 8pc by year-end, compared with 8.25pc in February's survey. The median exchange rate forecast for end-2025 reflected expectations of the peso ending the year slightly stronger at Ps20.80 to the US dollar from Ps20.85/$1 estimated in the prior forecast. The end-2026 estimate firmed slightly to Ps21.30/$1 from Ps21.36/$1. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Mexican peso weakness may partially offset US tariffs

25/04/01

Mexican peso weakness may partially offset US tariffs

Mexico City, 1 April (Argus) — Volatility in the peso/dollar exchange rate may help to partially offset any tariffs that US President Donald Trump decides to impose on imports from Mexico as the ensuing peso depreciation would make its exports more competitive, said analysts from US bank Barclays. President Trump will announce Wednesday his next decision related to the threat to impose a 25pc tariff against imports from its commercial partners Mexico and Canada. Trump has delayed the decision twice, and it is likely that he will do so again, given the serious repercussions the tariffs could cause to the US economy, said Latam chief economist at Barclays, Gabriel Casillas, during a webinar held Monday. The base scenario for Barclays is that Trump's administration will finally step back from imposing tariffs on Mexico and Canada and rather go for an early renegotiation of the (US Mexico Canada Free Trade Agreement (USMCA) this year, said Casillas. In this scenario, the Mexican peso would strengthen to between Ps19.5 to Ps19.00 to the greenback, he added. However, if Trump's administration decides to impose the 25pc tariffs on all Mexican imports as he has threatened to do, then the peso would weaken to Ps24/$1, said Erik Martinez, foreign exchange research Analyst at Barclays during the same webinar. "If tariffs were imposed, 25 percent on all imports, we think a good portion of this would be absorbed by the exchange rate," said Casillas. A weaker peso makes Mexican exports more competitive abroad. The Mexican peso on Tuesday was trading at around Ps20.30 to the dollar, and has weakened by 18.5pc in the past year from about Ps16.6 to the dollar a year ago. If President Claudia Sheinbaum's administration avoids the tariffs, the peso may strengthen to around Ps 19.00/$1 in upcoming days, said Martinez. If the tariffs are applied during a brief period or only for the automobile sector, the exchange rate could range between Ps21.00-22.00 per dollar, said Martinez. However, even without any tariff being applied, Mexico's economy is expected to grow only by around 0.7pc this year, less than the estimates made late in 2024 of around 1.4pc, due to the deceleration of the US economy, Mexico's main trading partner, said Casillas. The US economy is showing signs of slowing down, specially in the industrial sector, which will impact Mexico's growth for the year. Also, this uncertainty is directly affecting any upside expected from so-called nearshoring as companies would now lose interest in moving their manufacturing lines to Mexico if there is no clear benefit in using the USMCA to avoid tariffs, said Casillas. By Édgar Sígler Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US manufacturing contracts in March: ISM

25/04/01

US manufacturing contracts in March: ISM

Houston, 1 April (Argus) — Economic activity in the US manufacturing sector fell back into contraction in March after a brief expansion as businesses braced for US president Donald Trump's threatened tariffs on imports. The manufacturing purchasing managers' index fell to 49 in March, down from the 50.3 in February, the Institute for Supply Management reported Tuesday. That followed three months of expansion — above the breakeven threshold of 50 — following 26 months of contraction. The new orders index contracted for a second month in a row, falling to 45.2, down by 3.4 points from the prior month. Production fell to 48.3 from 50.7. New export orders fell to 49.6 in March from 51.4 the prior month. "Demand and production retreated and destaffing continued, as panelists' companies responded to demand confusion," ISM said. "Prices growth accelerated due to tariffs, causing new order placement backlogs, supplier delivery slowdowns and manufacturing inventory growth." The prices index surged to 69.4, up from 62.4 in February and the highest since mid-2022. Employment fell by 2.9 points to 47.6. The supplier delivery index fell by 1 point to 53.5, indicating ongoing slowing in deliveries and slowing demand. Trump plans to unveil sweeping "reciprocal" tariffs on major foreign trade partners on 2 April after previewing or announcing multiple tariff actions since taking office, including a 20pc tariff on all imports from China and a 25pc tax on all imported steel and aluminum that both took effect last month. Trump last month also announced a 25pc tariff on all imported cars, trucks and auto parts, scheduled to go into effect on 3 April. The measures, together with mass federal government layoffs and spending cuts, spooked US equity markets, which last month posted heavy losses. Comments focus on tariff confusion Comments from survey participants highlighted uncertainty over how Trump's tariff plans would effect operations and the economy. "Acute shortages continue to impact supply chain continuity," a transportation equipment executive said. "Chinese restrictions on critical minerals such as germanium have caused major shortages, resulting in all supply needed in 2025 already assumed — and, not surprisingly, significant price increases as a result." "Customers are pulling in orders due to anxiety about continued tariffs and pricing pressures," according to a computer and electronic products executive. "Business condition is deteriorating at a fast pace," a machinery executive commented. "Tariffs and economic uncertainty are making the current business environment challenging." "New order levels have increased and are better than expected," a fabricated metals executive said. "We suspect that our customers are trying to build inventory at current prices to get ahead of expected tariff and related cost increases." By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

ArcelorMittal raises NW EU HRC offer to €700/t

25/04/01

ArcelorMittal raises NW EU HRC offer to €700/t

London, 1 April (Argus) — European market leader ArcelorMittal has raised its hot-rolled coil (HRC) offer to €700/t base in the north. Its previous offer was €680/t base. The producer recently has seen an increase in enquiries and bookings, aided by the steel safeguard review. This trend has been most prevalent on HRC in the north, as well as cold-rolled and hot-dip galvanised across Europe. European mills have been in no rush to sell, with delivery performances under pressure from some as a result of low utilisation rates and issues at some producers causing backlogs. At the same time, mills expect import arrivals to fall in the coming months, although there could be some overhang this quota period, after the safeguard review and imposition of provisional anti-dumping duties on Egypt, Japan and Vietnam. In the futures market today, a fourth-quarter strip traded at €670/t, broadly in line with the settlement on 31 March. The physical market is largely quiet, as participants wait to see how much material clears today and what tariffs are announced by US president Donald Trump. North EU mill margins have nearly reached a year-long high in recent days, with the spread for NW EU HRC over blast furnace costs having reached €181/ on 31 March, the highest level since €189/t on 5 April. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

EU stainless safeguards, metal plan meet mixed reaction

25/03/31

EU stainless safeguards, metal plan meet mixed reaction

London, 31 March (Argus) — Europe's stainless steel industry has had a mixed reaction to the European Commission's safeguard steel review and its action plan to protect the bloc's metals industry, both announced on 11 March. Steelmakers have welcomed greater commitment from policy makers to support the sector, but are still concerned at a lack of concrete commitment to significant protectionist measures, while traders, service centres and scrap suppliers are worried the most radical proposals could severely damage their businesses. The European Commission's review of definitive safeguard measures on imports of certain steel products identified no new import pressure for stainless cold rolled sheets and strips, and left tariff rate quotas for the next 15 months virtually unchanged even as carryovers and unused quota access were removed. And the commission's European Steel and Metals Action Plan included proposals to curb imports of finished steel and exports of scrap alongside the extension of the Carbon Border Adjustment Mechanism (CBAM) to potentially include raw material exports and downstream products. European stainless steel flat producers — battling weak medium-term demand and a high cost structure — expressed disappointment on the absence of protectionism in the safeguard review through to July 2026, but told Argus they were encouraged by proposals in the Action Plan that acknowledge the need to to curb imports for domestic industry's long term health. "The industry remains threatened by global excess capacities and by global distortions from China and other countries that artificially support their domestic industries or circumvent the current measures," Finnish producer Outokumpu told Argus . "These challenges need to be mitigated with more assertive solutions, including replacing current safeguards with more effective measures from July 2026." European trading groups surveyed by Argus welcomed the stability offered by the unchanged import quotas as the industry navigates other pressures — such as high energy prices and US tariffs — but said they expect lobbying by producers to drive a wave of new measures in the fourth quarter of this year, with stainless steel-specific safeguards likely to be implemented from next year. "Current quotas will only last this year, if you ask me," a trader said. "We expect new regulation to be announced in September/October." A key area of focus for the industry is the possible introduction of the melt-and-pour clause, which determines the origin of goods by the location at which the metal is originally melted, and disregards third countries where further processing may take place for circumvention of anti-dumping duties. The EU stopped short of immediately implementing this clause as part of the Action Plan, and will conduct further assessment of the action. But market participants expect [consultation](https://direct.argusmedia.com/newsandanalysis/article/2670486] on the policy will start after the current safeguard period ends. Several large European stainless steel producers are heard to be importing slab from Asia, and traders told Argus they were relieved that melt and pour is not coming into play this year. A Spanish trader said the clause will level the playing field for European producers, but a hasty implementation this year would have simply added to costs for both producers and consumers in the near term. Outokumpu said it welcomes the melt-and-pour proposals as part of a wider anti-circumvention drive that it said is required in Europe. The EU's Action Plan also calls for the need to address carbon leakage of exported steel through a potential extension of the CBAM to include exports. Trading groups told Argus this will be difficult to implement across the spectrum of trading partners, and may render exports uncompetitive to the detriment of European service centre groups. Outokumpu called upon the need to leverage the EU's competitive advantage by including Scope 2 emissions within any CBAM regulation for downstream products. "It is critical to prevent European steel producers from being placed at a disadvantage from imports with higher emissions from energy usage," the group said. "Outokumpu uses low-carbon energy across its operations with a high-recycling rate, so a fair benchmark definition is necessary to ensure that our low-emission production receives the competitive advantage it deserves." The EU's action plan also proposes the potential introduction of export duties for all steel scrap in order to limit scrap leakage from the bloc. Stainless steel scrap traders surveyed by Argus said there was no chance such a move would ever be implemented as Europe simply cannot consume all the scrap it produces, and that recyclers use exports to keep prices at a level that encourages further investment. "We would drown in scrap if exports fell," a trader said. "Prices would decrease sharply and work like a subsidiary for an antique industry. High-end recycling plants need high prices to process complex materials which would end up in landfill otherwise. No investments would be made if prices are pushed into the ground." Trade bodies BIR and EuRIC suggested a more rational move could be to introduce mandatory recycled content targets for metals products that incentivises domestic demand and usage for scrap, while also allowing scrap to move freely to export markets. By Raghav Jain Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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