ANKARA: Turkish scrap import prices declined sharply by $14 a tonne week-on-week to $297 a tonne in the week ended January 30, as per the latest figures released by the Steel Index.
According to TSI, daily benchmark index for deep-sea Turkish imports of HMS #1&2 80:20 finished the week $26 a ton lower from last Friday at $282 a ton CFR Iskenderun port. A large move in pricing often follows a prolonged period of inactivity in the Turkish scrap import market, but few would have predicted a correction of this magnitude.
Following a mini winter revival, the Turkish scrap market seems to have finally succumbed to the influence of depressed iron ores prices and steel markets. The iron ore : scrap ratio has been hinting at a significant correction for months, and this move should help Turkish mills to become more competitive in the global finished steel market.