Prices for imported HMS 80:20 Scrap into Turkey rise further in August
ANKARA (Scrap Register): Prices for imported HMS 80:20 scrap into Turkey continued to rise, seeing a $28 a ton or 8.6% increase across August, finishing the month at $354 a ton, according to the Steel Index.
Turkish scrap benchmark continued its rise from July into August with prices being boosted by strong fundamentals in the domestic market, as well as supply issues with billet, resulting in scrap suppliers being able to name a price.
Domestic rebar prices also continued to increase on the back of rising input costs, allowing mills to maintain strong margins.
Trading slowed somewhat early in the month as traders expected rebar demand to slow during the 10-day Eid holiday, causing producers and buyers to behave more cautiously.
Three cargoes (two ex-UK and one ex-Canada) pushed the index to levels not seen since 2014, after which the index remained largely flat due to the national holiday.
The LME scrap contract reached a new record for volumes traded late in August, ultimately trading 33,423 lots across the month.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)