Last week, the decrease in
scrap prices had gained momentum after an ex-Canada
scrap booking to
Turkey at $403/mt CFR Nemrut Port, with the ex-
US HMS I/II 80:20 price for
Turkey declining from $412/mt CFR early last week to $400/mt CFR at the weekend. SteelOrbis has learned from market sources that as of today, June 5, the ex-
US HMS I/II 80:20 price for
Turkey have decreased even below $400/mt CFR. Taking ex-
US scrap prices as their benchmark, ex-
Europe scrap suppliers are offering HMS I/II 80:20 to
Turkey at about $390/mt CFR and below; however, no transaction has been heard so far at this price level. The weakening of the euro against the
US dollar provides room for ex-
Europe scrap suppliers to further push down their prices.
SteelOrbis has heard an ex-
Russia A3
scrap booking to
Turkey at $385/mt CFR Marmara Sea ports. In the meantime,
scrap collection prices in
Romania have decreased somewhat to $345/mt, while ex-Black Sea A3
scrap offers to
Turkey are now standing at the price range of $380-385/mt CFR.
On the other hand, Lebanese
scrap is offered to Turkish mills at $370/mt CFR, while Turkish mills state that they may conclude bookings at $360-370/mt CFR after negotiating.
Although Turkish mills'
scrap bookings are very scarce, they are expected to conclude new purchases as they have not yet met their
scrap needs.