In a third ex-US deal disclosed to Turkey’s import scrap market, deep sea scrap prices have remained stable at $463-464/mt CFR.
SteelOrbis has learned that with this deal an Izmir-based Turkish steel producer has booked 15,000 mt of HMS I/II 80:20 scrap at $464/mt CFR, 14,000 shredded scrap at $479/mt CFR, 2,000 mt of P&S grade scrap at $479/mt CFR, for September shipment. Since yesterday’s confirmed ex-US transactions, ex-US HMS I/II 80:20 scrap prices are in the range of $463-464/mt CFR.
Meanwhile, some sources report a price decrease in the Ohio region in the US. Although the August buy-cycle has not yet concluded, in Ohio a mill reported sideways price movement for prime grades and a drop of $20/gt for P&S and shredded scrap. Local US scrap prices are expected to be settled at the end of this week.
As of today, Turkish rebar mills are observed to be reducing their local rebar quotations, as expected. The lowest official level recorded in the domestic rebar market of Turkey today is $680/mt ex-work in the Izmir region, though there are rumors that the mill in question is willing to decrease its price to the $670s/mt ex-works - which still has a $206-207/mt spread with the abovementioned HMS I/II 80:20 scrap prices from the US. Also, there is some news on the steel export side. Turkish mills have managed to conclude some rebar and wire rod sales of small tonnages to the UK and Spain.