Although the most recent ex-
US scrap bookings to
Turkey transacted within the same range SteelOrbis reported two weeks ago, the pricing trend has started to favor the lower end of the previously reported span. Early last week, Turkish mills booked HMS I/II 80:20 at $374/mt CFR, shredded
scrap at $379/mt CFR and bonus grade
scrap at $384/mt CFR.
At this point, export yards would like to hold their proverbial line in the sand, but that may be difficult moving forward, especially since
scrap prices in most
US domestic markets have trended down $10/mt.
Scrap flow is up, as is typical with summer months, and Turkish buyers are well aware. In the upcoming weeks, Turkish producers are expected to push for lower prices, and when everyone sits down at the negotiating table, they are expected to have the upper hand.