Following the first deep sea scrap transaction disclosed to the market after a long period of silence, another deal has been shared with the same price level.
A Black Sea-based mill has concluded the ex-Denmark booking for 12,000 mt of HMS I/II 80:20 scrap, 10,000 mt of shredded scrap, 1,000 mt of bonus grade scrap and 1,000 mt of busheling scrap at the average price of $299/mt CFR. The latest shipment date of the cargo is November 15. According to this information the benchmark HMS I/II 80:20 scrap quotation is believed to be at $296/mt CFR Turkey, which is the same level recorded in the previous Finland booking shared by SteelOrbis earlier today.
With this transaction in question, it is now observed that deep sea prices for November have also kept their strength. As mentioned before, Turkey is expected to book fewer cargoes for November shipments as construction projects in Eastern Turkey will slow down significantly due to the seasonal conditions. Also some market sources believe that the reopened Iskenderun-based mill may cause pressure on prices as it will cause rebar supply to increase and maybe shipped to other regions in the coming months.