Two weeks ago, US export yards weren’t in any hurry to book orders with Turkish mills, as they wanted to have a greater sense as to where prices in the US domestic market would settle. Since that time, domestic scrap prices settled at strong sideways for the month of August, and many believe the market could experience additional firming for September buys. Turkish mills have also experienced an increase in scrap demand, especially since they believe that there will be additional demand for rebar.
Sources close to SteelOrbis say that export scrap prices have ticked up by approximately $2/mt CFR since our last report two weeks ago, with US export prices for HMS I/II 80:20 now at $380-$382/mt CFR, shredded scrap prices at $385-$387/mt CFR and P&S scrap at $390-$392/mt CFR.