Turkish mills showing interest in ex-Black Sea scrap

Turkish mills are reportedly continuing to book ex-Black Sea A3 scrap. Given the still unstable finished steel markets and weak demand, Turkish steel producers have headed to sources from which they can obtain scrap supplies in small tonnages, and so they prefer ex-Black Sea A3 scrap.
 
In Romania, scrap collection prices are standing at $375-380/mt. While ex-Romania A3 scrap offers to Turkey are at about $415-420/mt CFR, the price idea of Turkish steel producers stands in the range of $410-415/mt CFR. In the meantime, Russian A3 scrap offers to Turkey are similar to Romanian offers to Turkey.
 
As for ex-Baltic scrap, last weekend a Turkish mill concluded a transaction for an A3 scrap cargo, including 10 percent bonus grade scrap, at $430/mt CFR.
 
The weakness in the finished steel markets coupled with the sudden depreciation of the euro against the US dollar today have raised expectations for a decline in scrap prices.