Mid-last week, Turkish mills concluded an ex-US
scrap deal that was $4/mt CFR below levels seen two weeks ago. The latest booking, according to SteelOrbis sources, had HMS I/II transacting at $370/mt CFR, shredded
scrap at $375/mt CFR and $380/mt CFR for P&S
scrap. On the domestic front, export yards continue to push for lower prices from
scrap collectors, who seem to be quite content selling at where they are now. And based on what exporters are currently paying, shipping cargos inland to domestic mills wouldn’t be all that fruitful since prices would be higher than what Pittsburgh/ Cleveland/ Youngstown mills can get from domestic
scrap yards. Turkish mills have been successful in getting
scrap from Europe at an average price of $360/mt CFR, and are thus expected to push
US exporters for lower prices, and based on what is happening in the
US domestic market, they are still expected to have an upper hand.