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Turkish mills’ interest reinforces steel scrap values

Turkey – Two buying spurts in the first half of July have consolidated ferrous scrap export prices into the Turkish market at around US$ 300 per tonne on a cfr basis. Upwards of 20 bookings have been made during the period, with Turkish mills’€™ interest attributed largely to healthy domestic demand for rebar.

When Recycling International last issued a ferrous report in mid-June, price indications for steel scrap shipments from Europe to Turkey were US$ 265-270 per tonne for standard quality HMS I/II 80/20 and US$ 270-275 for shredded; as normal, US prices were around US$ 10 higher.

A month later, some US, UK and Baltic Sea suppliers have managed to secure more than US$ 300 per tonne for shredded and approaching the same threshold for the 80/20 mix.

Turkey, the world’s leading importer of steel scrap, produced 15.093 million tonnes of crude steel in the opening five months of 2017 for a year-on-year increase of 11.5%.

Iron ore prices have also made gains since the publication of our mid-June ferrous report, with Metal Bulletin’s 62% Fe iron ore index rising from around US$ 54 per tonne to almost US$ 66.

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