Turkish ferrous scrap imports tracked sideways on Wednesday as estimations of value heard from the market remained stable.
S&P Global Platts assessed HMS I/II 80:20 at $282.50/mt Wednesday, stable from Tuesday.
Two exporters were talked throughout the day to have booked cargoes, but little information emerged. One of the sales was reportedly made at $283/mt for 80:20 from the US East Coast, but another source said that the seller denied the cargo.
Despite the lack of confirmed cargoes circulating, one seller hinted that bookings had continued.
"Suffice it for me to say that the reports of Turkish inactivity on scrap purchasing has been somewhat exaggerated," he said.
This balanced against bearish conditions in the market that seemed to have driven Turkish producers into hibernation. Poor finished product sales have besieged export efforts, thinning margins to below estimated production costs.
Domestic sales offered no respite, as a weak lira and swelling current account deficit have kept focus on maintaining dollar reserves. Early year business was interrupted by power cuts, as infrastructure problems forced producers to curtail steel-making.
"Because of the energy cuts in January we were not buying as production stopped," said one steelmaker, adding that the interruption in schedule meant that scrap stocks had not dwindled.
Value estimations from other sources in the market hit a range of $280-$285/mt on Wednesday. A Turkish buyer believed this range could be accepted by sellers and that anything lower than $280/mt would be a bit too difficult.
"The market is not easy at the moment as there is no real benchmark," said a European trader. "The next sale could be $283/mt as well as $278/mt."
European premium material was estimated at $280/mt by one EU merchant, and 75:25 material at $275/mt.
A UK trader said that a cargo had been sold ex-US East Coast at $280/mt by a trading company, but no other details were available.
