According to market sources, this week's HMS I/II 80:20 scrap offers from Lebanon to Turkey stand at $345/mt CFR. Demand for ex-Lebanon scrap in Turkey's Iskenderun region remained on the slack side in the past week, as buyers focused on deep sea scrap purchases.
Deep sea scrap offers had indicated a decline as of early last week. If this soft trend is replaced by sideways movement, Turkish buyers may slow down their deep sea scrap bookings in order to exert pressure to achieve further declines in deep sea prices. So if the Turkish mills do slow down their deep sea scrap bookings, they will likely instead turn their attention to short sea sources and the Mediterranean region in particular for their scrap purchases, which would result in an improvement in demand for Lebanese scrap in Turkey.