Ex-US scrap bookings to Turkish producers have been mostly quiet since our last report two weeks ago, when multiple cargos of HMS I/II 80:20 scrap were booked between $197.50-$200/mt CFR. At that time, a shortage in mills' scrap supplies had led to a flurry of buying activity, although many felt that once mills fulfilled their need for scrap, that ex-US cargo prices would begin to soften. Prices since our last report have remained stable, however it should be noted that no ex-US bookings have been reported since our last report two weeks ago.
This week, one export yard source said they are trying to keep offer prices at $195/mt CFR, but Turkish mills have begun to push for cargos to be sold at $190/mt CFR, while other sources continue to report a widespread belief that previous price points will not hold due to attractive offer prices on Chinese billet. In terms of scrap inflow into US export scrap yards, that has improved as previously forecasted; export yards have been able to increase the prices they have been paying to scrap collectors. Other sources close to SteelOrbis say that because of this, "domestic yards will have to fight export yards for scrap come December."