According to market sources, a Turkish mill based in the Iskenderun region has recently booked a scrap cargo from the UK and managed to insist on a sizeable discount. The lot included 22,000 mt of HMS I/II 80:20 at $277/mt CFR and will be shipped in the second half of February.
As a result, the ex-UK scrap price to Turkey has decreased by $23/mt compared to the previous deal for ex-UK scrap reported on January 6. The previous deep sea scrap deal to Turkey recorded before the latest one from the UK was concluded from the US at an estimated $288/mt for HMS I/II 80:20 scrap.
Expectations generally remain pessimistic, while Turkish mills are foreseen to be quiet in their bookings for the time being. The scrap market is still characterized by negative sentiment, partly due to decreases in scrap collection prices in the main supplying regions, SteelOrbis understands.