Ex-
US scrap booking to
Turkey may have fallen quiet in the past two weeks, as Turkish mills have been more focused on booking orders from ex-Baltic and ex-European sources. The most recent bookings for cargos of heavy melting
scrap I/II (80:20 blend) and shredded
scrap were transacted at approximately $370/mt CFR for HMS I/II and $375/mt CFR for shredded
scrap, although sources close to SteelOrbis say prices could firm between $5-$10/mt CFR as the month moves on. This could be tied to trends within the
US domestic market, which has also shown signs of firming.
Scrap yards in the South have reported price increases of $10/lt while yards in Northern Ohio say prices have firmed by as much as $25/lt. On the flip side of that coin, some Turkish rebar mills are also keeping a close watch on the pending
US preliminary dumping margins that are set to be announced on April 18. Although Turkish mills anticipate the margins will be low, at best, if they are announced at a higher-than-expected rate, the effect on exports to the
US—and consequently, rebar production—could trickle down to raw material buys from the
US.