Turkish finished steel prices expected to climb

Aug 09, 2012 | 04:40 PM | Sean Davidson

Tags  steel, scrap, rebar, Irepas, International Rebar Exporters and Producers Association, Sean Davidson

SAN DIEGO — Finished steel prices in Turkey could see some upward movement in the coming weeks as scrap costs increase, according to industry leaders.

The International Rebar Exporters and Producers Association (Irepas) said in its August outlook, released Wednesday, that current circumstances are likely to result in an unpredictable market that "may even result in negative margins in August."

Despite such difficulties, "some movement may be seen after the summer holidays and Ramadan, especially amid the increase in scrap prices," the association said.

The outlook coincides with this week’s return of Turkish mills to the United States to fill their ferrous scrap needs. Three bulk cargo sales were concluded earlier this week at nearly $30 per tonne higher than previous sales (amm.com, Aug. 7).....

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