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Turkiye: Imported scrap market silenced on weak steel views

Gangya Metal866 people have read

SteelMint's evaluation for US-origin HMS 1&& 2(80:20)stands at $360/t CFR, down by $5/t w-o-w. One offer was listened to wrapped up by a Turkish mill for 30,000 t HMS 1&& 2 (80:20) at $360/t CFR and 5,000 t of shredded at $380/t CFR from a vendor in the United States. Market beliefs negative Lira stable: The national money, Lira, continued to be largely unchanged against the dollar last month. It is presently trading at 18.6 compared to the previous week.Major mills keep billet rates: Turkey's incorporated steel mills made a decision to open a brand-new round of billet sales in the regional market in the recently of October. Nevertheless, as a result of absence of support from the ended up steel section as well as a soft imported scrap market individuals are unsure concerning sales choosing up speed. Other Turkish manufacturers think the provided degree is rather low.Rebar rates proceed to fall on slow need: Steelmakers proceed to decrease their rebar deal prices on sluggish purchasing interest from domestic and overseas customers. However, also reduced quotes have stopped working to spur trading. Downhearted beliefs prevail among market players. Rebar prices go to $655-680/ t EXW depending on the region.Outlook: The Imported scrap market is likely to continue to be plain in the near term. Furthermore, a damaging residential market circumstance is likely to maintain customers sidelined.

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The imported scrap market in Turkiye remained quiet as buyers were reluctant to book fresh cargoes amid unfavourable market conditions. Negotiations are still slow due to the prevailing pressure on finished steel sales. However, industry participants...

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