Turkey ferrous: Price up on deals concluded yesterday

The Turkish scrap import price increased today on two deals concluded yesterday at the same equivalent level but for different shipment periods.

Other deals were closed yesterday, and more are expected today and tomorrow.

The Argus daily steel scrap HMS 1/2 80:20 cfr Turkey assessment increased by $1.50/t to $460.50/t.

A Baltic supplier was heard to sell 24,000t of HMS 1/2 80:20, 3,000t of shred and 5,000t of bonus at an average price of $463/t cfr Samsun for second-half April shipment. The seller sold a deep-sea cargo to a Marmara mill on 26 February at $456/t cfr for HMS 1/2 80:20.

A Canadian supplier was heard to sell 18,000t of HMS 1/2 95:5, 18,000t of shred and 7,500t of P&S at an average price of $470/t cfr Marmara for end of March-beginning of April shipment. The buyer bought the Baltic cargo at $456/t cfr on 26 February.

Both deals were closed yesterday and equate to $460.50/t cfr Turkey for premium HMS 1/2 80:20.

A continental European supplier also sold a cargo yesterday, for April shipment.

Continental European exporters bought HMS 1/2 material at €330-335/t delivered to dock today.

A UK supplier was heard to offer HMS 1/2 80:20 at $460/t cfr Turkey today. It was heard to sell two cargoes to Egypt on 17-22 February at $420/t and $430/t cfr for HMS 1/2 80:20.

A Baltic supplier sold HMS 1/2 80:20 at $455.50/t and bonus at $465.50/t cfr Iskenderun for first half April shipment on 1-2 March. It was reported at the time to be under pressure from the weak demand displayed by Turkish mills in that period, which may have prompted it to sell at 50¢/t lower than its regional competitor's sale at $456/t cfr Marmara on 26 February. It has a second April shipment cargo still to offer.

Turkish export rebar sales continued this week with deals to Hong Kong and Peru at $640-645/t fob on actual weight basis. Mills were unable to find overseas demand from multiple regions in this price range in December/January.

The significantly large amounts of domestic rebar that Turkish mills sold to stockists through February were sold to end users this week. But end users were on hold today, while fresh stockist demand was dampened by the strong currency fluctuations. Traders wanted to restock when the lira appreciated to TL7.49:$1 in the morning, but their demand fell in the afternoon when it moved back to TL7.41:$1. Mills have sold very few rebar volumes locally this week. There are still expectations that end user and traders' restocking demand will increase in the run-up to the construction season.

The Argus weekly Turkish domestic steel rebar assessment increased by TL180/t to TL5,660/t ex-works including value-added tax (VAT), equivalent to $643.90/t ex-works excluding VAT, which was $2/t lower on the week. Argus' daily fob Turkey steel rebar assessment rose by $1.50/t to $643.50/t fob, putting domestic and export rebar prices almost on par.

In the Turkish short-sea scrap import market, the Argus daily A3 cif Marmara steel scrap assessment remained flat at $440/t cif today in response to Romanian sales of HMS 1/2 80:20 yesterday at $437-438/t cif.