The Turkish long steel supply chain on Tuesday saw scrap strong, with the recent run of price increases putting pressure on rebar's relative value to catch up while aiding billet re-rollers.
A regional mill source saw steel price declines having eased and there was some doubt Chinese billet prices could return to their lows. With billet prices from China not so attractive now to Turkey, scrap moving up was noted and the moves may help support regional steel prices.
Tuesday marked a shift in the Turkey ARC to use TSI's HMS L//II 80/20 scrap CFR Turkey, published at 1330 in London. This was a switch from the Platts assessment for the same grade, assessed basis 16.30 close. Scrap's relative value to iron ore was at 2.54:1, similar to recent levels with iron ore rising this week.
The scrap to iron ore ratio used is made up of TSI Turkish delivered scrap prices and TSI 62% Fe fines CFR China, each adjusted for iron content. The Platts Turkey ARC Scrap 30-day index was at 2.62% on Tuesday as the daily scrap ARC indexes stayed stronger over the historic trailing period since mid-February.
The Turkey ARC Billet 30-day index was at minus 0.86% relative strength on Tuesday, with a bounce in the market picked up Tuesday, while Turkey ARC Rebar 30-day index was at minus 1.59%.
The degree over and below zero marks each commodity's price deviation from the 30-day and 60-day average price relationship for the three product group, based on Turkey ARC analysis.
On a 60-day basis, the Turkey ARC indexes showed scrap at 1.34% over, billet valued at flat to its 60-day average value with its peers, and rebar at minus 1.27%, with rebar the weakest of the three over longer-term indicators.
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