A cargo request was made from the Iskenderun region to the USA at $397 per tonne for HMS 1&2 (80:20) and at $417 per tonne CFR, including chopped and plate and structural (P&S).
This situation then appeared to be in conflict with the agreements that other steelmakers booked last week for Baltic Sea cargoes containing HMS 1&2 (80:20) at $403 per tonne CFR.
As a result of all this, daily scrap indices fell sharply on Wednesday, May 3.
The daily price index for US origin HMS 1&2 (80:20 mix) steel scrap was calculated as $397.10 per tonne, down $9.81 per tonne as of May 3, with CFR delivery condition for Turkey.
On the other hand, for Northern European origin HMS 1&2 (80:20 mix) steel scrap, also for Turkey with CFR delivery condition, the daily price index decreased by $10.69 per ton to $391.71 per ton on May 3.
This brought US scrap's premium over European scrap to $5.39 per ton on May 3, from $4.51 per ton the previous day.
As a result of all this information, it has been determined that the Turkish market has been weakened recently due to the stagnant steel demand in the domestic and export markets, and steel prices have been under pressure for a while.
The same was true for rebar prices. As of May 3, the current prices of rebar prices have been announced as around TL 14,700-14,800 ($755-760) per ton including 18% VAT.
While these figures were determined as 15,300-15,500 per ton on April 27, prices were determined as 15,800-16,100 a week before this date.
As a result, the decrease in steel demand has caused rebar prices to fall one after another.
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