The Turkish mills are active in their scrap purchases, although product markets are not strong. Although the Turkish mills cannot be sure of their product sales and January sales prices have not yet been clarified, the Turkish mills are active in their scrap purchases and scrap prices do not indicate any softening. Price levels in the bookings concluded last week and this week are at the following levels:
HMS I/II 80:20 ex-US $275.50-276/mt CFR Turkish ports HMS I/II 80:20 ex-UK $274-276/mt CFR Turkish ports HMS I/II 60:40 ex-Europe $259-260/mt CFR Turkish ports A3 grade scrap ex-Black Sea $275/mt CFR Marmara, $277/mt CFR NemrutPrices are not expected to indicate many changes this week, with offers at the following levels: HMS I/II 80:20 ex-deep sea at around $276/mt CFR Turkish ports, shredded scrap at around $281/mt CFR Turkish ports, a mixed cargo of A3, shredded scrap and PNS scrap ex-Baltic Sea at around $280/mt CFR Turkish ports, and A3 scrap ex-Black Sea at around $275-277/mt CFR Turkish ports. With the decline in the product markets, Turkish mills are heard to be creating price pressure especially on prices of small-tonnage scrap cargoes ex-Algeria, Israel and Lebanon. Although the mills are giving counter-offers at around $250/mt CFR Turkish ports for scrap ex-Algeria, Israel and Lebanon, even this price level does not offset costs. Another factor that will determine the direction of scrap ex-deep sea in the coming days is whether India and the Far East countries will be active in their purchases. If these countries are interested in buying scrap, prices of deep sea scrap especially ex-US may indicate some kind of movement.