Firmer sentiment on ferrous scrap pushed Turkish import prices upwards on Tuesday, as talk of tighter supply and higher offers won over sentiment driven by low iron ore pricing.
The market was mostly quiet on Tuesday, partially attributed to an industry event concluding in Dubai. A trade was captured late in the day, but confirmation was unavailable before the market-on-close window.
Both buy- and sell-side sources stuck close to $190/mt with their estimation of pricing. Higher offers were still being spotted from the US at $195/mt, according to a Turkish trader, and there was little expectation of a decrease being accepted. A US merchant explained that both the domestic and Asian container price were up, handing firm resistance to the export terminals.
A common theme in the market Monday and Tuesday was a lack of material making its way to scrap yards, as both European and US merchants attributed their resistance to the low-cost environment discouraging inflow.
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