Last Update: 03/10/2011 11:29:52
Turkish scrap importers have decided to wait and see further price developments. Buyers expect a decrease, mentioning the volatile situation in the EU as a key reason for it. The crisis in the region has caused the euro to fall notably against the US dollar, which enables EU scrap collectors to reduce their offers to Turkish consumers, who are interested in discounts amid a weaker market for finished products. At the same time, US scrap exporters are less flexible, as demand from local steelmakers is rather strong. Besides, traders on the east coast manage to close deals at current levels, so they do not need to cut prices to Turkish importers. Last week, a batch of shredded scrap and HMS 1&2 (80:20) changed hands at $477/t C&F and $472/t C&F, respectively. Thus, prices have not changed since early September. Meanwhile, a sale of another mixed lot (5,000 t of HMS 1&2 (80:20), 15,000 t of shredded material and 20,000 t of P&S) was closed at $473/t C&F, $478/t C&F and $483/t C&F, respectively. Thus, suppliers have been able to add $1/t to their quotations. Metal Expert learns another Turkish steelmaker wants to book US material at similar prices. Two weeks ago, a few contracts for A3 scrap were signed with scrap collectors in the Azov-Black Sea basin at $450-455/t C&F Turkey. Russian and Ukrainian exporters have given up the idea of a price increase due to continued sluggish cooperation with Turkish buyers. A notable drop in domestic prices in the above exporters’ countries has also taken its toll. In end-September, EU and CIS scrap suppliers will be cutting their offers step by step to attract buyers, whereas US exporters will try hard to avoid a decrease.
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