Despite a mostly silent week, Turkey’s import scrap prices have moved further up in a couple of new deals. Market sources report that Turkish mills’ appetite this week has been on the low side for now. However, sellers are confident that deep sea scrap prices have more room to move up, especially for ex-US scrap.
SteelOrbis has learned that an Izmir-based producer concluded a deal from the UK yesterday, February 4, for HMS I/II 80:20 scrap at $345/mt CFR and with bonus grade scrap at $365/mt CFR. The total tonnage in the cargo is 15,000 mt. The supplier is new to the market, and SteelOrbis has heard that they are planning to ship one cargo per month from the UK, with tonnages in the range of 15,000-20,000 mt. The $345/mt CFR level was an expected one, though a subsequent ex-France deal has surpassed this price level for ex-Europe scrap.
An Iskenderun-based producer has concluded the ex-France deal in question with the HMS I/II 80:20 scrap price standing at $350/mt CFR and with bonus and shredded at $370/mt CFR. This deal was also done yesterday, February 4. As a result, SteelOrbis’ reference price for ex-EU HMS I/II 80:20 scrap has increased to $345-350/mt CFR, moving up by $5/mt on the upper end.
Meanwhile, rumors of two Baltic deals were also shared by market sources. One is reported to have been done by an Izmir-based producer and the second one by a Marmara-based mill, both closed at $349/mt CFR for HMS I/II 80:20 scrap. While these deals have indicated no change for ex-Baltic scrap prices, the upward pressure from the EU may push up ex-Baltic and ex-US scrap prices in the coming days. Considering ex-EU prices settling at $347.5/mt CFR on average, SteelOrbis has increased its reference prices for ex-Baltic and ex-US HMS I/II 80:20 scrap to $350-353/mt CFR.
Additionally, a Germany-based scrap subcollector mentioned they have concluded sales to export yards. HMS I/II 70:30 scrap was sold at €395/mt DAP, HMS I/II 80:20 scrap at €300-305/mt DAP and bonus grade scrap at €315-320/mt DAP, to ports in Amsterdam and Belgium. These prices indicate that export yards’ workable price levels have increased by €5-10/mt DAP over the past week. Another source from Germany reported that local scrap prices have also moved up by €5/mt. In the northern parts of Europe, HMS I scrap prices are expected to move up at a faster pace. The US domestic market is set to increase too, with market sources reporting that cold weather conditions and slow scrap flow as well as transportation difficulties are exerting upward pressure on prices. Local US scrap prices are expected to move up by approximately $20/mt in the February buy-cycle.
There are offers from Greece to Turkey at $345/mt CFR and from Italy to Turkey at $342/mt CFR, both for HMS I/II 80:20 scrap, market sources reported. An ex-Lebanon deal for HMS I/II 80:20 scrap was done sold to Turkey at $335/mt CFR yesterday.
A trade war between the US, Canada and Mexico is off the table for now. US President Donald Trump has decided to postpone the recently announced additional 25 percent tariffs on imports from Canada and Mexico. According to data released by the US Department of Commerce, US flat steel imports from Canada and Mexico in 2024 amounted to 3,887,226 mt and 986,034 mt, respectively, while US longs imports from Canada came to 1,279,389 mt, with the volume from Mexico totaling 689,908 mt.