ANKARA: Turkish HMS 1/2 80:20 scrap import prices (CFR Iskenderun Port, Turkey) rose by $4 a ton week-on-week t0 $271 a ton during last week, as per the Steel Index.
Market sentiment that $270 a ton would likely prove a ceiling in the price proved unfounded, with a deal completed at well over this level early in the week, albeit on a prompt basis.
A high proportion of the subsequent cargoes were also booked on a prompt basis, highlighting the fact that many mills are still living on a ‘hand-to-mouth’ basis.
Meanwhile, rebar prices ticked up this week, which will have lent support to the rise in scrap prices , although participants state this is predominantly down to tight scrap supply.
