Metal Biz reported that due to the strong demand in Far East & South East Asia, Turkish small steel mills had to increase the imported price of steel scrap in a bid to compete with the foreign buyers and ensure the production.
The mix heavy scrap of No 1 and No 2 delivery for September was lifted the imported price from last week' s USD 300 per tonne to USD 305 per tonne to USD 310 per tonne to USD 315 per tonne with USD 15 per tonne increase. The shred scrap settled price boosted to USD 315 per tonne to USD 320 per tonne from USD 305 per tonne USD 310 per tonne last week.
The price rising of steel scrap did not prevent Turkish small steel mills to import from US and Europe. Turkish makers also said that the consumption of blast furnace steel scrap increased 10% to 18%. Previously Turkey expected to repurchase after the price drops and predicted that the price would decrease to USD 250 per tonne but in turn, the price presented the upward tendency and the future steel scrap market would be more active.
A rolling steel mill in Turkey said that US Rensselaer exported to Turkey No 1 and No 2 mix heavy scrap with the price of USD 314.5 per tonne, the shred scrap price was USD 319.5 per tonne. A manufacture from Turkey also imported 27,000 tonnes of No 1 and No 2 mix heavy scrap from England SIMS with USD 309 per tonne and 33,000 tonnes of No 1 and No 2 mix heavy scrap with USD 319 per tonne.
Affected by the price rising of steel scrap, Turkish small steel mills were forced to increase the price of square billet and long products. The square billet price inclined to USD 450 per tonne to USD 460 per tonne from last week's USD 440 per tonne to USD 450 per tonne, debar export price boosted USD 20 per tonne to USD 500 per tonne to USD 510 per tonne from USD 490 per tonne to UAS 500 per tonne last week, even the offer reached USD 510 per tonne to USD 520 per tonne but has not confirmed to conclude the deals.