Turkish ferrous scrap remained stable Tuesday, carrying over from Monday at $213/mt for heavy melting scrap I/II 80:20 on a CFR basis. The market has been quiet so far this week as Eid-al-Fitr celebrations began in Turkey.
There were two trades but both were left over from the tail of last week. Both were bought by an electric arc furnace-based producer in the Iskenderun region of Turkey. The first came from a Benelux seller and was a composite cargo of 15,000 mt, comprising 7,500 mt of bonus and 7,500 of busheling. It was priced at an average of $217/mt.
A source close to the transaction confirmed the cargo and said it was a recent trade, and other sources in the market placed it likely on Friday or Saturday. A European trader estimated that equivalent 80:20 value from the cargo would be $212/mt.
The second cargo came from a premium US trader, and contained 34,000 mt of 80:20 at $214.50/mt and 6,000 mt of bonus at $224.50/mt. This was confirmed by a source close to the transaction, who said it had been finalized on Friday.
These matched other numbers spotted on Friday and Saturday, pulling 80:20 cargoes into a loop of $211-$215/mt depending on origin.
"This is indeed exerting pressure on those sellers in the market chasing a sale, " a European trader said.
The ferrous scrap market remained in a firm downtrend both leading up to and during Ramadan. Expectations for the close of festivities at the weekend see modest demand for Turkey's domestic construction industry.
A cautiously bullish mood can bee seen in the scrap market, with the hope that an uptick in demand will support domestic rebar pricing, with scrap value following in turn.
