The attentions were on the interest rate decision in the iron and steel markets today. The dollar exchange rate rose to 31.08 levels in the morning.
The Central Bank of the Republic of Türkiye (CBRT) Monetary Policy Committee (PPK) kept the policy rate, the one-week repo auction interest rate, unchanged at 45 percent.
After the announcement, the exchange rate fell below 31.
While the cash shortage continues in the iron and steel market, there is no change in the VAT withholding payment and the approach of the payment day has squeezed the market. This caused trader-based prices to fall well below factory prices.
In spot markets, discounts of 200-300 TL are heard for daily payments from the list prices announced as follows.
Spot rebar prices by region, evaluated by www.steelradar.com on 21 February 2024;
Istanbul rebar prices 23.200 TL (0.00)
Izmir rebar prices 22.750 TL (-50)
Karabük rebar prices 22.900 TL (-100)
Payas rebar prices 23,500 (0,00)
Scrap prices are decreasing
Flow in the markets has weakened due to lack of demand. Weakening locomotive manufacturers are also struggling. Imported scrap inflow decreased due to stagnant demand in Türkiye.
European suppliers are asking for prices above $410-412/ton CNF Turkey for HMS 1&2 80:20, but Turkish producers are resisting this.
Today, it was heard that a Marmara-based producer purchased 22,000t of European origin HMS 1/2 scrap at $406/t and 3,000t bonus scrap at $431/t.
Ship breaking scrap prices decreased
While scrap prices in Türkiye decreased, it was observed that the decline in ship dismantling scrap prices continued. İzmir / Aliağa ship breaking scrap prices decreased by an average of $4/ton to $394/ton.
CURRENT SHIP DISMANTLING SCRAPPE PRICES
1. Manufacturer 395 USD
2. Manufacturer 375 USD
3. Manufacturer 413 USD
4. Manufacturer 410 USD
5. Manufacturer 375 USD
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