With the start of purchases for July shipments, new ex-US and ex-Baltic deals have been heard today, June 2, in Turkey.
SteelOrbis has been informed that an Iskenderun-based mill Turkish has concluded an ex-US transaction for 21,000 mt of HMS I/II 90:10 scrap at $259/mt CFR, 4,000 mt of shredded scrap at $261/mt CFR and 5,000 mt of P&S grade scrap at $266/mt CFR, with a shipment deadline of July 25. The benchmark HMS I/II 80:20 scrap price in this deal is at $256/mt CFR, while the price in the previous ex-US deal was at $255/mt CFR.
Additionally, an Izmir-based producer has concluded an ex-Baltic deal for HMS I/II 80:20 scrap at $254/mt CFR and bonus grade scrap at $264/mt CFR. As reported earlier today, the most recent ex-Baltic deal was closed at $252.5/mt CFR for HMS I/II 80:20 scrap.
Deep sea scrap prices are observed to be fluctuating within a very narrow range, with many transactions heard over the past week at similar levels, and prices continue to show a tendency to move up. Market sources are in a cautious optimistic mood, while the EU’s decision on the import hot rolled coil (HRC) quota has caused concerns but not for the immediate future. However, as a result of experiences from the Covid-19 pandemic, some market sources think that steel products may in future stay more and more in their domestic regions as this reduces risks for the buyers and sellers.