ANKARA (Scrap Register): Turkish HMS 1/2 80:20 scrap import weekly average prices (CFR Iskenderun Port, Turkey) shot up by $14 a ton week-on-week at $245 a ton during the week ended February 10, as per the latest figures from the Steel Index.

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The Turkish scrap market saw a marked correction from the recent large fall in prices. The strengthening market has come about partly as a natural re-balancing following the crash in prices seen over the past two weeks, as well as increasingly bullish fundamentals adding support.

Demand from mills is heard to have picked up, with sources saying that nearly every mill in Turkey was looking for scrap. The scrap-rebar spread however remains narrow, which may limit the upside for the mills. The spread was at $151 a ton on Thursday.

The flurry of recent selling by US and European exporters could lead to a tightening of scrap supply, coinciding with an uptick in demand from Turkey, thus helping to put a firm floor under scrap prices for the moment.

Poor weather on the US East Coast is also hampering exports, but this is likely to be short-lived. The current situation seems to be a near total reversal from two weeks ago, with the mills aggressively looking to buy, and the sellers now back out of the market.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)