Research

Forecasts and market analysis based on price assessments from Fastmarkets MB and Fastmarkets AMM

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March 2008 | Steel Raw Materials


Turkish prices push through $550/tonne cif level: European Highlights


A surge in buying in mid-March pushed Turkish scrap prices over $500/tonne.

A surge in buying in mid-March pushed Turkish scrap prices over $500/tonne. While buyers then pulled back for a short period of time, there was still a need for more scrap, as they had not secured their full requirement. As such, they returned later in the month and were forced to pay up to $550/tonne cif for A3 or HMS No1&2. Turkish EAF production volumes continue to grow on the back of rising domestic and export demand for finished long products, with Turkish output up 15% year-on-year in January and February 2008. Meanwhile scrap supply out of the CIS remains limited by strong Russian and Ukrainian demand, forcing Turkish steelmakers to source from US and...

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