Turkish ferrous scrap market ticks up despite silent trading

Posted by Ibrahim Gram on January 20th, 2021

The Turkish market for imported ferrous scrap pushed higher Friday as the macro-economic setting leveled out after a torrid week. The Borsa Istanbul 100 stock index closed up a smidgen on day, while the lira was trading around 3.06 against the paper money at 1600 GMT, somewhat stable after the volatility over a lot of the week. In this atmosphere purchasers displayed some cravings for deep-sea product, with around five mills claimed to be looking for scrap over the last couple of days of the week. The marketplace was largely considered quiet, however, as well as a level of uncertainty stayed. A premium Scandinavian provider claimed there was some rate of interest in scrap, and that rates were increasing because of higher risk levels. Mills were likewise checking the waters with billet deals and also short-sea scrap, as premium US East Shore merchants were listened to targeting 0/mt CFR as well as higher for heavy melting scrap I/II (80:20). " [ dtpmp na7 ] are promoting 0/mt CFR, yet there is no passion at this level," one steelmaker claimed, discussing why purchasers were reading alternate supply sources. One big Marmara-based steelmaker acquired short-sea cargoes ex-Rostov at 8-0/mt CFR, according to a European trader. Short-sea deals increased in the direction of 0/mt CFR on the back of these bargains, with vendors pushed by higher premium vendors' targets. "Today, we are simply talking to each various other," one Turkish steelmaker stated, referring to the aftermath of last Friday's fell short putsch. "The financial institutions are not extending credit scores, there are concerns currently, we have to wait. "Banks are not offering credit report to mills, so there is restricted buying by the mills," the resource said. One Turkey-based agent claimed debt problems had actually lessened, though there have been contrasting sights over banks' danger hunger all week. Early in the week some continental vendors stated financial institutions were getting worried on Turkey, but Thursday a large European vendor claimed his buyers were opening up letters of credit history without issue. Indian demand for containerized shred was low, with only one trade reported as customers favored domestic product. One investor claimed he offered 2,000 mt of containerized scrap at 0/mt CFR Nhava Sheva Thursday. Platts weekly containerized shredded evaluation was fixed at 5/mt CFR.

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Ibrahim Gram

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Ibrahim Gram
Joined: January 20th, 2021
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