June 2009 | Steel Raw Materials
Turkish buyers accept higher prices: Scrap Highlights
A3 material ex-black sea prices have also seen increases in the last week as Turkish buyers unable to source material ex-deep sea have been turning to this region.
Despite uncertain demand for semi finished and finished Turkish steel products, buyers in the country have accepted higher ferrous scrap prices from European, US and CIS suppliers. Since last week prices have increased by around $10-15/tonne, with HMS 2 (80:20) selling for $265-70/tonne cfr and shredded material selling for $270-275/tonne cfr. Market participants expect the current upward trend to continue for the next few weeks. Indeed we are already starting to hear of some bookings from the East Coast of the US reaching $280/tonne cfr for HMS 2 (80:20) and $285/tonne cfr for shredded material, although at the moment these remain outliers.
MBR last week stated that US exporters would find it difficult to compete against sources closer to Turkey as increasing freight costs squeezed their margins and they might even be forced to reduce fob costs. The price increases accepted this...
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