April 2008 | Steel Raw Materials
Turkish buyers retreat in early April: European Highlights
It appears that rising prices for scrap in Turkey may have dampened mills' enthusiasm for buying at the beginning of April despite the fact that market fundamentals suggest that demand would have been strong – as Turkish EAF steel production grew in both January and February (see chart) and demand for finished steel products remained firm in the Middle East.
It appears that rising prices for scrap in Turkey may have dampened mills enthusiasm for buying at the beginning of April despite the fact that market fundamentals suggest that demand would have been strong as Turkish EAF steel production grew in both January and February (see chart) and demand for finished steel products remained firm in the Middle East. In the first week of April, Turkish import prices were trading in the range of $560-570/tonne cfr for April shipments of US-origin HMS Nos.1&2 (80:20) although MBR understands that few transactions took place at that price level.
...but return to buying later...
Nevertheless, it appears that this was a temporary lull and buyers have accepted that the strong upward price trend is to continue, and we have seen both tonnage...
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