Deep sea deals signal uptrend for ex-Baltic prime scrap

Monday, 19 October 2020 16:05:03 (GMT+3)   |   Istanbul
       

Today, October 19, two new deep sea bookings have been disclosed in Turkey’s import scrap market.

An ex-Baltic deal was concluded by an Izmir-based producer at the end of last week for HMS I/II 80:20 scrap at $286/mt CFR Turkey. Prior to this deal, SteelOrbis’ daily price for ex-Baltic prime scrap price was at $279.5-283/mt CFR Turkey. As the previous ex-Baltic booking disclosed to the market was done at the beginning of this month, the price has increased by a margin similar to the price rise in ex-US cargoes.

SteelOrbis has also heard of a relatively older ex-US scrap deal - done on Wednesday, October 14. A Black Sea-based Turkish steelmaker concluded this deal for shredded scrap at $291/mt CFR and bonus grade scrap at $296/mt CFR. Based on this deal, the price of HMS I/II 80:20 scrap is estimated at $286/mt CFR. However, a newer ex-US booking was shared by SteelOrbis at the weekend in which the HMS I/II 80:20 scrap price was at around $290/mt CFR Turkey.

Market sources expect more deals to be concluded in the current week, with prices potentially moving up further.


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