US East Coast scrap export yards have extended their price-firming trend for transactions booked by Turkish steel producers.
The most recent export scrap cargos were booked at $281/mt CFR for HMS I/II 80:20 scrap, $286/mt CFR for shredded scrap and $291/mt CFR for bonus grade and busheling scrap. Two weeks ago, ex-US cargos of HMS I/II 80:20 transacted at approximately $269/mt CFR, while transactions in early April were seen at $262-$265/mt for HMS I/II 80:20, $263/mt for shredded scrap and $268/mt for bonus grade scrap.
“At this point I think everyone is a little bit on edge, because every time we think the market isn’t going to go any higher, prices tick up another notch,” according to one SteelOrbis source. “It’s certainly good while it’s here but I don’t think anyone is ready to get comfortable just yet.”
Others point out that Turkish finished steel sales have improved in recent months, and they expect May sales within their domestic market to remain enthusiastic. On the other hand, US export scrap yards say that while this is certainly good news, it’s still too soon to know if they’ll be successful in maintaining their upward pricing trend for June shipments.