ANKARA: Turkish HMS 1/2 80:20 scrap import average prices (CFR Iskenderun Port, Turkey) gained sharply by $27 a ton week-on-week to $310 a ton during the week ended April 29, as per the latest figures from the Steel Index. According to TSI, daily benchmark index for deep-sea Turkish imports of HMS #1&2 80:20 rose $13 a ton from last Friday to end the week at $304 a ton CFR Iskenderun port.
Prices broke through the $300 a ton mark for the first time since January 2015 as a number of factors contributed to the continuous increase in prices. Market participants noted that strong demand was the driver for higher prices, with a number of cargoes recently concluding ahead of the fasting month of Ramadan when, typically, crude steel output falls.
Moreover the increase in rebar export prices, partly as a result of upward adjustments following renewed strength in the Turkish lira versus the US dollar, also had a knock on impact on higher scrap prices. Some participants, however, remain wary as they believe there is currently too much volatility and uncertainty in the market.
