Ferrous scrap took a tumble in the Turkish import market on Tuesday as trading showed lower levels successfully traded.
The cargoes heard were all said the be concluded last week, but heard in the market Tuesday to varying degrees of transparency. All were said to be finalized before the Turkish constitutional referendum that took place on Sunday, leaving the situation this week still unclear.
A premium Baltic merchant sold a cargo to an Izmir electric arc furnace-based producer, containing 30,000 mt of 80:20 at $267/mt and 5,000 mt of bonus at $277/mt. A source close to the transaction confirmed the cargo as being booked last week, while market-at-large sources pinned it to April 12.
The same producer bought a second cargo ex-Baltic, this containing 21,000 mt of 80:20 at $265/mt, 5,000 mt of bonus at $275/mt and 1,000 mt of rails at $280/mt. Sources put the booking on April 14, making it the most recent transaction heard.
A third cargo was heard, also ex-Baltic and to the same producer, at $272/mt, though no grade was given. No further information was heard, but both buy and sell side sources placed it before the two cargoes described above, placing sentiment on the downtrend.
Softer numbers from the finished product side supported this, as rebar failed to find a sales level on the export and domestic activity remained stalled. Lower prices were also expected for CIS billet, as Chinese drops were said to give bargaining power to purchasers.
S&P Global Platts assessed HMS I/II 80:20 at $265/mt CFR Turkey on Tuesday, down $8/mt from Thursday.
No assessment was published on Friday or Monday due to national holidays in the UK.
