Scrap import contracts signed in Turkey on lower prices

摘要

The start of February has brought an upturn in import scrap demand to Turkey. Mills have contracted some 200,000-300,000 t of scrap, while the majority of them had been holding back from purchases since late December. The increase is blamed on a serious price decline. Specifically, US HMS 1&2 (80:20) has lost $30-35/t since early January falling to $370/t CFR Turkey. Quotes of similar grade from Europe have decreased $26-29/t month-on-month to $365-368/t CFR Turkey. Moreover, some steelmakers decided to book because of their poor stocks.