Turkish scrap import prices were steady Friday as new deals alluded to sideways movement into the world's largest buyer.
A premium Baltic supplier sold 24,000 mt of heavy melting scrap I/II (80:20) at $385/mt CFR, 13,000 mt of shred at $390/mt CFR and 3,000 mt of bonus at $395/mt CFR, multiple sources said.
A premium UK merchant sold 32,000 mt of 80:20 at $385/mt CFR and 8,000 mt of bonus at $395/mt CFR, sell-side sources said.
Both these sales were done to the same mill, sources said.
Given these deals, and prevailing indications, Platts assessment of premium 80:20 imported into Turkey remained unchanged at $385/mt CFR.
Buyers were pushing for lower prices in the belief merchants had held onto surplus material when the market was firming, and were now struggling to find buyers.
"If I put out a firm bid today, I'd get 10 (US) offers," one mill buyer said, decrying the apparent strength of the US domestic market.
"There is no buyer in the market, there is some panic from sellers," she added.
She alluded to a North American merchant that was looking to sell a cargo and struggling to find a buyer -- this could not be confirmed with the wider market, however.
Most sources said $385/mt CFR was a "workable" level for merchants and mills, though buyers surveyed Friday said margins were squeezed on domestic and export rebar business.
Baltic merchants said they would be unwilling to drop below this level as collection prices were also rising.
They also alluded to firming billet and pig iron prices.
"Unless billet and pig iron continue to hold scrap up, it will fall," the buyer said.
Platts daily Black Sea billet assessment rose $1/mt to $520/mt FOB Friday on the back of Ukrainian uncertainty reducing supply, and fears over China offering less material into the Middle East.
