London (Platts)--1Feb2013/644 am EST/1144 GMT
Some of Turkey's most prominent electric arc furnace mills booked large cargoes from Canada and the US as prices took an expected dip on the back of weaker local reinforcing bar prices and softness in the US home market, market participants said Thursday. A Canada-origin cargo was sold at $393/mt CFR Marmara to a major EAF mill, containing 35,000 mt of shred, 10,000 mt of HMS I and 5,000 mt of P&S. Meanwhile, a long-rolled steelmaker booked from the US East Coast at $397-407/mt CFR Iskenderun for heavy melting scrap I/II (80/20 blend) and bonus material. Negotiations were understood to be ongoing between a UK supplier and another large EAF in Turkey. The offer level was thought to be $392/mt CFR Aliaga for HMS I/II (80/20 blend), with the mill indicating the level was too strong given the weakness in regional rebar markets. Article continues below...Request a free trial of: Steel Markets DailySteel Markets Daily provides transparent daily and weekly assessments of iron ore, coking coal, coke, ferrous scrap and ferroalloys prices, plus insightful analysis and commentary on the day's market activities.
Some of Turkey's most prominent electric arc furnace mills booked large cargoes from Canada and the US as prices took an expected dip on the back of weaker local reinforcing bar prices and softness in the US home market, market participants said Thursday. A Canada-origin cargo was sold at $393/mt CFR Marmara to a major EAF mill, containing 35,000 mt of shred, 10,000 mt of HMS I and 5,000 mt of P&S. Meanwhile, a long-rolled steelmaker booked from the US East Coast at $397-407/mt CFR Iskenderun for heavy melting scrap I/II (80/20 blend) and bonus material. Negotiations were understood to be ongoing between a UK supplier and another large EAF in Turkey. The offer level was thought to be $392/mt CFR Aliaga for HMS I/II (80/20 blend), with the mill indicating the level was too strong given the weakness in regional rebar markets.
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Steel Markets Daily provides transparent daily and weekly assessments of iron ore, coking coal, coke, ferrous scrap and ferroalloys prices, plus insightful analysis and commentary on the day's market activities.
Platts daily assessment slipped $6.50 to $391/mt CFR Turkish ports for premium HMS I/II (80/20 blend. Scrap suppliers are expecting lower demand for February shipments from Turkish mills due to a low capacity utilization rate in the country. A number of EAFs are turned off completely due to weak demand for finished products.--Ciaran Roe, ciaran_roe@platts.com--Edited by Kevin Saville, kevin_saville@platts.com
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