WEEKLY: Turkish scrap prices down on weakening demand
Jan 21, 2020 18:00
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Prices of heavy melting scrap (HMS) 1&2 (80:20) to Turkey, the world’s largest importer of steel scrap, decreased by $22/tonne over the week of January 10-17 to $281/t CFR as of January 17. The decrease reflected the weakening demand for steel scrap among Turkish steelmakers over the past week, Mysteel’s latest survey showed.
“Turkish steel mills were reducing their bid prices for steel scrap imported from the United States and Europe, as Turkey’s domestic finished steel prices were showing signs of weakening,” a Shanghai-based market source familiar with Turkey’s market told Mysteel Global.
Some steel mills in Turkey are withdrawing from the market