Uncertainty in
scrap markets still continues. Not having started the expected rush yet, what step Turkish mills will take is subject of concern.
Incessantly rising Euro and US Dollar against TRY together with the further appreciation of Euro against US Dollar cause difficulty for Turkish mills to make any forecast. They are facing difficulty in finding any offers for July shipments. In fact, uncertainty and rapid increase in Euro and US Dollar exchange rates cause difficulty for both suppliers and producers.
Prices of Black Sea
scrap suppliers were following an upward trend in the last couple of weeks. In the latest bookings concluded at the end of last week, prices of Black Sea
scrap saw $275/mt CFR Nemrut level and the prices of this product is not expected to indicate any sharp softening in the short run.
EMR, one of the European
scrap suppliers, is heard to have concluded sales to few Turkish mills at the end of last week; however, price levels in these bookings have not been confirmed yet. EMR is heard to have concluded sales to the Egyptian market again last week. The latest offer levels for HMS I/II 70:30
scrap were quoted at around $275/mt CFR
Turkey last week.
For Black Sea
scrap suppliers, Indian mills are currently among active buyers. Price levels of sales concluded to this market are heard to be in a range of $290-295/mt CFR. Moreover, it is heard that there is demand from
Spain for A3 grade
scrap ex-St Petersburg, and bid levels are at around Euro 266/mt North
Spain. We have heard that Northern European
scrap supply has recently been directed to the local market.
Offers for HMS I/II 80:20 ex-
Europe and ex-US were at $280/mt CFR Turkish ports last week, and at $285/mt CFR Turkish ports for shredded
scrap. New bookings concluded at these levels have not been heard yet.
In the light of economic factors, supply-demand equilibrium, approaching holiday periods, we may say that exciting days are waiting
scrap market.