A Canadian supplier sold 32,000 tons of HMS 1/2 95:5 at $677/t, 10,000 tons of chopped products at $692/ton and 8,000 tons of P&S at $692/ton cfr Iskenderun yesterday for April shipment. Accordingly, the price of quality scrap increased. And 80:20 raised its scrap price expectation from $645 to $655.
European scrap exporters lost some of the domestic demand due to the closure of some electric arc furnaces in Europe. As a result, scrap offers from Europe to Turkey were expected to increase. However, the expected did not come true.
Although the demand for rebar in the local market has weakened this week, Turkish rebar producers are still receiving demand from abroad. Yesterday, one of the Istanbul factories sold rebar to Estonia at $945-958/ton fob and another to Senegal at $950/ton fob.
Nearly daily purchases of imported scrap last week were made to include an estimated 2.4 million tons of steel sold in the first two weeks after the conflict broke out.
However, due to the weakness in the local rebar market, mills posted less sales last week compared to the previous two weeks.
www.insaatnoktasi.com 80/20 current scrap valuation is in the range of $635-645/ton, while rebar evaluation is at $950/ton fob.
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