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Recession of prices on a steel scrap in Turkey

During second week of May the Turkish companies had been concluded a small number of purchase contracts of steel scrap. Against dollar exchange rate updating to euro and recession of prices on steel scrap in South East Asia and home market of the USA, the general negative dynamics of quotations of raw materials in the market of Turkey is observed. Thus, many buyers refuse scrap metal acquisition on a current price level as the general situation in the metal products market remains adverse. However, despite small number, deals make with suppliers from every possible regions.

Last week suppliers from Black sea regions sold a steel scrap grade 3А at the prices 427-430$/t CIF Turkey that on 5-7$ it is less, than in the beginning of May. The European raw materials of mark HMS №1&2 (80:20) were bought by Turkish consumers at the prices 445$/t CIF Turkey. For EU suppliers the price level decrease is compensated by depreciation of a position of Euro in relation to USdollar.

Despite attempts of the American steel companies to keep the quotations at the previous level, individual transactions for mark HMS 1&2 (80:20) already done as 447$/t CIF. It is possible to expect that against the low prices of home market and demand reduction in the markets of Asia, other USA exporters will consent on price reductions also. In accordance with prognosis, further negative correction of price quotations will go on till the end of a month , that will lead to activization of buyers. As per unacknowledged information, in the end of last week (on May, 11th) already there were sales from the Black Sea coast at the price of 424-426$/t CIF Turkey.

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