After a few
scrap purchases were concluded last week, the Turkish import
scrap market was expected to see more activity this week, with anticipated new bookings by steel mills. However, this week the Turkish import
scrap market has remained quiet so far.
As SteelOrbis previously reported, in an ex-
US scrap booking last week, composed of 20,000 mt of HMS I/II 80:20
scrap, 5,000 mt of P&S
scrap and 8,000 mt of shredded
scrap, the transaction price was at $474/mt CFR. After this transaction, new ex-
US HMS I/II 80:20
scrap offers settled at $475/mt CFR; however, no new booking has been heard since.
Last week, the ex-
Europe HMS I/II
scrap price for
Turkey was at about $455-460/mt CFR. This week, however, in the only
scrap booking reported, the price for 20,000 mt of HMS I/II 70:30
scrap was $435/mt CFR.
Ex-Black Sea A3
scrap offers are still above Turkish mills' price expectations. While the
scrap collection price in
Romania stands at $425/mt, A3
scrap offers from
Romania to
Turkey are at $460-465/mt CFR. In the meantime, ex-
Russia A3
scrap offers to
Turkey stand at $465/mt CFR. Last week's A3
scrap transactions from this region were concluded at $455-460/mt CFR and Turkish mills are not willing to pay more this week.
Since the Turkish mills have not yet satisfied their
scrap needs, their retreat from purchase activity has surprised many in the market. While new
scrap offers are expected from the
US, with
US suppliers returning to the market today, once
scrap prices for July in the
US domestic market become clearer, the
scrap purchase strategy of Turkish mills is also foreseen to take shape and some new
scrap bookings are expected eventually.