Metals & Mining Theme, Ferrous, Non-Ferrous

January 20, 2025

Platts Metals EMEA Daily Turkey Ferrous Scrap Commentary published for Jan 17

Please note EMEA Turkish Ferrous Scrap Daily Commentary for Jan. 17 was not published on time by Platts, part of S&P Global Commodity Insights. It has now been published and reads as follows:

Turkish deepsea import ferrous scrap prices were unchanged on Jan. 17, as sources expected activity to slow down with January shipment bookings now largely concluded.

Platts assessed Turkish imports of premium heavy melting scrap 1/2 (80:20) at $332.50/mt CFR Jan. 17, unchanged on the day.

Indicative tradable values for US/Baltic-origin or premium HMS 1/2 (80:20) were shared at $330-$335/mt CFR.

"There were 20-25 bookings... so I guess the market will slow down a bit," a Turkish mill source said, reporting that US recyclers were targeting $335/mt CFR for HMS 1/2 (80:20), but this was unworkable on the day.

"The recyclers are now focusing on February shipment deals right now, I don't get the feeling that there are any more desperate January sellers around anymore," an EU recycler said.

The EU recycler shared indicative tradable values for EU-origin HMS 1/2 (80:20) at $330/mt CFR and for US-origin HMS 1/2 (80:20) at $335/mt CFR on the day, implying they expected the market to recover slightly.

Elsewhere the January - April portion of the forward curve for Turkey scrap futures on the London Metal Exchange, which settled basis the Platts assessment maintained a contango on the week, suggesting that futures traders continued to expect Turkish import scrap prices to recover in the medium term.

Contract month Platts assessed LME scrap forward curve Jan. 10 ($/mt) Platts assessed LME scrap forward curve Jan. 17 ($/mt) Week on week change ($/mt)
January 342.5 341.5 -1.00
February 345.5 346 0.50
March 347 351 4.00
April 350 356.5 6.50

Platts is part of S&P Global Commodity Insights.

The Platts CFR Turkey Ferrous Scrap assessments are published on the Platts Connect platform, in SBB Steel Markets Daily, Steel Raw Materials Monthly, and in the Platts price database under the symbol TS01011. The daily frequency assessment commentary is published on Platts Connect and on fixed pages PMA1324 and STL1324.

Please send all comments and questions to ferrous_emea@spglobal.com and pricegroup@spglobal.com.