Following the silence observed since the beginning of this week, several reports or rumours of deals have been heard in Turkey’s import scrap market today, March 4.
SteelOrbis has learned that a Black Sea-based mill has concluded an ex-Estonia booking for a total of 32,000 mt of scrap at the average level of $463/mt CFR Turkey. Although the composition of the cargo has not been shared by the buyer or the seller, most market observers believe that the benchmark HMS I/II 80:20 scrap is at $461/mt CFR, $5/mt higher than the previous deal reportedly closed at $456/mt CFR at the end of last week, also from Estonia.
Meanwhile, another rumor of a Canadian origin cargo sold to a Marmara-based mill has been discussed by the market today. The composition is disclosed as 18,000 mt of shredded scrap, 18,000 mt of HMS I/II 95:5 scrap and 7,000-8,000 mt of P&S grade scrap at the average level of $470-471/mt CFR Turkey. This information also indicates that the HMS I/II 80:20 price has exceeded the $460/mt CFR Turkey level, which has not surprised the market, though both parties to the deal have remained quiet and did not issue confirmation.
Additionally, prices of HMS I/II 80:20 grade short sea scrap from Romania and the Adriatic region are in the range of $437-438/mt CFR Turkey.
Following the above reports, it is now safe to say deep sea prime grade scrap quotations in Turkey have reached the anticipated levels of $460-465/mt CFR. Market players state that price rises in the flat steel segment are particularly providing support for the market. It is known that CIS-based HRC mills have sold out for April production, while in the local flat steel market mills are offering for May and June shipments. Also, the signals from China are still strong, impacting the global steel market positively. As SteelOrbis mentioned before, some market sources state that deep sea scrap prices are set to reach to $470-480/mt CFR Turkey, while some even voice higher levels. Having said that, the medium levels of trading activity in the Turkish rebar market are attracting attention.