Turkish ferrous scrap prices were steady at the end of a quiet week. The Platts TSI heavy melting scrap I/II 80:20 CFR Turkey assessment was at $300/mt CFR Friday, flat from Thursday.
It was widely discussed in the market that a Marmara-based mill had bought a Baltic scrap cargo at $303/mt for 80:20, with no further breakdown reported. Market participants said it was a spot cargo, but there were mixed reports of when exactly the deal was done, as some believed it may be from the start of the week.
The trade "is not showing market level and the market is lower," a buyer at a Turkish mill said. "The market is not below $300/mt yet, as no seller would accept this level, and it is not above it as no buyer would accept that. We are at the psychological $300/mt mark."
Another Turkish buyer said he does not expect ferrous scrap prices to decrease due to strong export demand for finished steel products and because China has not yet fully entered the market following a recent holiday.
"China entering may still increase the current price levels," he said. "Let's see next week."
