Following the increased activity observed the previous week, the Turkish
scrap markets were in a calm state last week. As we predicted in our analysis titled, “Turkish
scrap market sees increase in activity”, with just a limited number of booking reports heard in the Turkish
scrap market, prices increased slightly compared to the previous week. The price levels of concluded bookings were at the following levels:
A
scrap cargo booking of 40,000 mts ex-
UK - divided 50/50 between HMS I/II 80:20 and half shredded
scrap - was concluded at $281/mt CFR Iskenderun: another
scrap cargo booking ex-Baltic Sea, consisting of 32,000 mts of PNS
scrap and 18,000 mts of A3 grade
scrap, was concluded at $289/mt CFR Nemrut: a booking of A3 grade
scrap ex-
Romania was concluded at $277/mt CFR Marmara; while a booking of A3 grade
scrap ex-
Russia was concluded at $281/mt CFR Marmara.
Although no booking has been concluded this week so far, offer levels are the same as last week. Accordingly, shredded
scrap ex-US and ex-
UK is being offered at $285-287/mt CFR Turkish ports. HMSI/II
scrap ex-same origins is being offered at $280-282/mt CFR Turkish ports. A3 grade
scrap ex-Baltic Sea is being offered at $285-288/mt CFR Turkish ports, while A3 grade
scrap ex-Black Sea is being offered at $277-282/mt CFR Turkish ports. Problems regarding ship supply and higher
freight rates continue in the Black Sea. Although the Turkish
scrap markets are calm for now, it is reported that bookings may be concluded in the market before the holiday period.
Meanwhile, there are some rumors in the market that procedures regarding
scrap exports from Algeria will be amended as of the New Year. Although no final decision has been made regarding the issue, it is being said in the market that
scrap tonnages to be exported from Algeria will decline as of 2007.