ANKARA: Turkish import ferrous scrap plunged on Tuesday as sentiment turned downward. Bearish attitudes based on a lack of bookings and pressure from Chinese billet sales in Asia at $300/mt FOB fogged a definite price for market participants, sources said on Tuesday. “I really don’t know what’s happening,” a buyer for an electric arc furnace-based producer in the Marmara region said.
Traders offered up bearish forward predictions for the market. A US trader said he had heard negotiations taking a downward turn on Monday, while a Turkish trader said that the last trade level of $330/mt was not repeatable. He pitched the market $20/mt down, or a range of $210-$315/mt for the next workable level.