<span>This week a number of deals have been signed in the Turkish ferrous scrap market, with their prices lower than last time, as expected. A ten-day-long break the steelmakers took after a burst of buying activity has allowed them to get even more reductions from suppliers. All this time the mills have been making use of the situation in Egypt saying they cannot buy the material at previous prices amid current conditions in the market for steel products. Together with this, rumors about some Black Sea traders being ready to close sales of small batches of the material at dumping prices have allowed the steelmakers to force some key suppliers of the material to reduce their offers further. So, by the time of their comeback, quotations of scrap have lost another $35/t. <br> As expected, European suppliers have been the first to give up, as they have lost support of domestic buyers and are trying to get rid of their excessive stock now. Thus, they are ready to accept terms the Turks offer. <br> In particular, after returning to the market, steel producers have booked 2 batches of HMS 1&2 (80:20) (40,000 tonnes total) at $448-450/t C&F Turkey, while in late January the material was changing hands at $490/t C&F Turkey. A steelmaker has also purchased a mixed batch of shredded scrap and HMS 1&2 (90:10) at much lower price – $450/t C&F Turkey against $495/t C&F in late January. Some more deals are likely to be signed at these levels, as European exporters are still eager to sell the material even at such prices. <br> At the same time, US scrap collectors can afford not to hurry to reduce their offers, as domestic buyers still show firm demand in their country. Though they have actually reduced their quotations to local customers, their offers have lost much less, than those in Europe. Considering a rollback of prices within the country, traders have reduced their export prices for HMS 1&2 (80:20) to $480/t C&F Turkey from $495/t C&F in late January. US shredded scrap is quoted at $485/t C&F, $15/t down from previous transaction prices. At the same time, the suppliers say they can make another $10/t reduction next week, on the back of an anticipated fall in domestic prices. The companies, selling their material exclusively for export, may become an exception, as even now they are ready to give more substantial discounts. <br> Suppliers of Azov-Black Sea region are still ignoring the Turkish market, as the Turks bid $440/t C&F for their material, and sales at this level are almost impossible. A Romanian trading company has been one of the few to accept the bids and has closed a sale of HMS 1&2 (80:20) at $436/t C&F Turkey. <br> Market participants expect that Turkish buyers will dictate their terms to suppliers this month, and a reversal of the trend will become possible in two or three weeks at earliest. In turn, Turkish mills may expect to purchase the required scrap at minimal prices in February and try to stabilize the situation in the segments for steel products during this time. <br> (<a href="http://Source:%20www.metalexpert-group.com%20)%0b"><font color="#000066" size="3" face="Times New Roman">Source: www.metalexpert-group.com )</font><br> </a></span>