Scrap import prices in Turkey continue to drop

Scrap prices have continued to decline in Turkish mills' latest ex-Black Sea and deep sea scrap transactions concluded last weekend. Particularly, since ex-Europe scrap transaction prices for Turkey have declined to $400/mt CFR, Turkish mills' price idea for ex-Black Sea A3 scrap is no longer above $395/mt CFR.
 
In Romania scrap collection prices stand at $365-370/mt, and Ukrainian scrap offers to Turkey are at $400-405/mt CFR. However, transactions from both Romania and Russia to Turkey are being concluded at $395/mt CFR Marmara Sea ports. In the meantime, it is heard that a Turkish mill has concluded an ex-Ukrainian A3 scrap transaction at $395/mt CFR Nemrut port. The freight rate from the Black Sea to Nemrut port is $2-3/mt higher as compared to the freight rate from the Black Sea to Marmara Sea ports. It is thought that further softening in ex-deep sea scrap prices will continue to increase the pressure on ex-Black Sea scrap prices.