Ahead of the Ramadan holiday, Turkish mills were active in securing scrap for late summer production. In mid- to late June, export scrap activity off the US East Coast improved along with prices. Increased Turkish demand for scrap in late June allowed ex-US East Coast prices to firm to about $358-$360/mt CFR for a mixed cargo. In the following week, Turkish mills continued to snap up cargos from the US, and HMS I/II scrap prices rose to $363-$365/mt CFR Turkey and shredded scrap prices increased to $368-$370/mt CFR, for delivery in late August, and even early September. The prices reflect a significant increase from export prices of about $345/mt CFR for HMS I/II scrap just one month ago. But with the onset of the Ramadan holiday this past week, Turkish mills have been less active in buying US scrap.
That doesn't mean activity out of Turkey has been entirely silent, however. Turkish mills have still been semi-aggressive in their scrap buying, but most of the scrap purchased this past week has been out of Europe for about $363-$365/mt CFR. For now, export scrap prices out of the US have remained stable despite a quieter week, and sources tell SteelOrbis that no significant change is on the horizon. A stronger US domestic scrap market in July has given exporters a boost of confidence, although some early expectations for August pricing are not as positive. In July, US domestic scrap prices increased $15-$25/lt on HMS I and shredded scrap in the Midwest, and $30-$40/lt on busheling. On the East Coast, increases in shredded and HMS I scrap were similar to the Midwest, but busheling prices only rose about $20-$25/lt.