TSI  Turkish  imports  of premium heavy melting scrap I/II (80:20) were assessed at $370/mt 

CFR Wednesday, unchanged from Friday's assessment. 

Scrap  prices  have  rallied  this  month, rising over 10% in December alone on strong steel 

prices,  tightening  scrap  availability and a broad-based strengthening of demand from key 

import markets. Blast furnace-based mills have also been looking to reduce their coking coa

l consumption, opting to charge scrap instead, in turn further supporting scrap prices. 

The  last  trade  heard  in the market was Friday between a US East Coast merchant and an 

Iskenderun-based mill, at $370/mt for 80:20 material. A number of market sources pointed to 

this  still  representing Wednesday's market level; however, some mentioned hearing rumors 

that sellers have increased their offers. 

An international trader and a Turkish agent said no offers have been heard above $370/mt, 

instead  saying  scrap  price s could  be affected by the recent cut in Chinese finished steel 

prices. 

The Turkish scrap swaps forward curve was in backwardation Wednesday. 

The front-month January contract was trading at $364/mt, a $6/mt discount to the day's spot 

price. February and March were at $356/mt and $351/mt, respectively.