ANKARA (Scrap Register): Turkish scrap prices underwent a dramatic rally during mid-December following the strong rise seen in the US market. The HMS 80:20 index rose $23 a ton from the start of the month to $291 a ton.
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The Turkish market was quiet at the start of December, however a dramatic $49 a long ton rise in US scrap prices spurred the market into action mid-month, with prices rising from $266 a ton to close the month at $291 a ton.
The market saw plenty of activity during the week ending December 23, with TSI recording over 400kt of material traded.
However activity has been very quiet going into the New Year, with no trade reported from December 23 onwards, leaving the Turkish scrap price unchanged at $291 a ton for the past fortnight.
Coking coal prices (FOB Australia) have plummeted over December, losing $83.70 from the start of the month. While the price is still high compared to the historical average, it does not seem to be influencing the scrap price anymore.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)