DAILY SCRAP REPORT: Turkish mills look to fill tenders as tender sells European cargo.

April 12, 2012 - 12:47 GMT

 

 

Metal Bulletins Daily Ferrous Scrap Index increased on Thursday April 12 by 60 cents to $447.21 per tonne cfr Iskenderun on an HMS 1 And 2 (80:20) basis, up from $446.60 a day earlier.

 

The big two blast furnace operators in Turkey were looking to fill tenders this week, according to market participants

 

One of these mills was able to secure a mixed cargo of 20,000 tonnes of HMS 1 And 2 (80:20), 10,000 tonnes of shredded and 10,000 tonnes of bonus material at an average price of $457.50 per tonne cfr.

 

This is up from a deal earlier in the week from the USA with HMS 1 And 2 (80:20) at $452 cfr. .

 

Another buyer purchased a mixed cargo of 20,000 tonnes of HMS 1 And 2 (80:20) and 10,000 tonnes of shredded at an average price of $449.50 per tonne cfr from a trader, with the material exported out of the Netherlands.

 

Scrap buying has slowed this week due to mills concentrating on their finished products rather than raw materials, a merchant said.

 

"The Turkish mills have bought a lot of material recently. They are more focused on rebar sales than scrap purchasing," he explained, adding that most demand is in the domestic Turkish market for rebar.

 

A second merchant agreed with this sentiment.

 

"It seems [ Turkish mills will ] wait to see further developments in their sales of steel and for news from scrap sellers with new offers," he said.

 

European suppliers will come into the market today and tomorrow, a mill source said.

 

"Europe will be in the market today and tomorrow, probably," the source said, adding that the mill had not received any new offers from the USA.

 

 

 

 
 
 
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