Calm prevails in the Turkish scrap market. Since the Turkish mills have concluded only a few purchases for June loading, it is expected that they will begin buying for June loading soon. The decline in long product prices has also been a factor causing the mills to delay their scrap purchases for a while. The offers for deep sea scrap remain at the levels of the previous week, at $344-345/mt CFR Turkish ports for HMS I/II 80:20 and at $348-350/mt CFR Turkish ports for shredded scrap.
The market situation is a bit different for A3 scrap ex-Black Sea. Last week, offers were mostly at $340-345/mt CFR Turkish ports; however the offers decreased towards the end of the week. After a few bookings concluded at $339/mt CFR level, a booking was concluded at $335/mt CFR Nemrut level towards the end of the week. Offer levels this week indicate further declines. While offers are at around $330-335/mt, Turkish mills do not seem to be willing to conclude purchases.
Small-tonnage scrap cargoes ex-Lebanon and ex-Israel are being offered to Turkish mills at $320-325/mt CFR; however, these offers do not see much interest.
We predict that the Turkish mills will return to the market in one or two weeks' time and conclude bookings for June loadings.