While import
scrap prices in
Turkey have softened in June, most market players in the import
scrap market in
Turkey are now wondering about the possible effects of the Brexit decision of the UK. In the latest deals concluded in
Turkey, import
scrap prices have declined further week on week. Today, June 28, several ex-UK deals have been heard in the Turkish market, while HMS I/II
scrap prices in these deals are at $215/mt CFR and $216/mt CFR. The previous ex-UK deal had been concluded two weeks earlier for HMS I/II 80:20 at $226.5/mt CFR. Also, deals concluded last week in
Turkey for HMS I/II 80:20
scrap, mostly from the Baltic region, were at $218/mt CFR.
After the ex-US
scrap transaction concluded in the second week of June, no new ex-US booking has been heard in
Turkey. SteelOrbis has been informed that before the current week US-based
scrap suppliers' price ideas were higher than the price levels seen in Turkish steel mills'
scrap purchases from other regions. In the current week, however, a US-based
scrap supplier has reduced its offer to
Turkey for HMS I/II 80:20
scrap to $220/mt CFR.
Although ex-Black Sea
scrap offers to
Turkey have been more attractive than deep sea
scrap cargos since the beginning of May, this week ex-Black Sea offers have approached the levels of deep sea
scrap offers. SteelOrbis has been informed that previous ex-Black Sea
scrap prices which were at $210-214/mt CFR are no longer available in the market, while the new price offers from the Black Sea region are above $215/mt CFR.
Turkish steel producers are expected to continue their purchases of import
scrap before they leave the market for the long end-of-Ramadan holiday (July 4-7).