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Metal Recycling News October 02, 2015 04:00:14 AM

Ferrous scrap prices slide further, Turkish import price dips below $190 per mt CFR

Paul Ploumis
ScrapMonster Author
The Turkish ferrous scrap import prices have fallen below $190 per mt CFR. The market continues to remain weak.

Ferrous scrap prices slide further, Turkish import price dips below $190 per mt CFR

ANKARA (Scrap Monster): The Turkish ferrous scrap import prices fell further, amidst weak market conditions. The import prices which had crossed the crucial psychological support of $200 per mt have now fallen to $190 per mt and below that. Traders expect the market to remain weak in the near term.

Market participants indicated that there was a deal between a Turkish EAF-based mill and a US scrap supplier. As per market consensus, the deal was finalized last week during Turkish holidays, but the market has fallen further since then. The cargo comprised of 24,000 mt of 80:20, 10,000 mt of shred and 6,000 mt of P&S.

The current import prices are estimated at levels $185-$188 per mt, clearly below the $190 per mt level. Deals are even heard at $185 per mt, but sellers are reluctant to sell at lower levels. Sub-$190 per mt levels are generally agreed, but deals are yet to happen. The market continues to remain weak and the deal prices could slide further to $180 per mt levels, traders said.

Ferrous scrap market experts during late-august analysis had warned that import prices may likely fall below $200 per mt. The fears have now become a reality, as latest scrap shipments to Turkey from Europe indicate price levels of $190-195 per mt for HMS I/II 80/20 scrap and $195-200 per mt for shredded scrap.

The fall in scrap prices is mainly attributed to the falling steelmaking capacity utilization across the globe. The capacity utilization rate by global steelmakers fell further down to 68% in August, when compared with 68.4% in July this year. The capacity utilization rates were down significantly when matched with 71.6% during August last year. The crude steel production by 65 countries reporting to the World Steel Association had registered a drop of 3% year-on-year during Aug ’15.

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