Import deep sea scrap quotations have moved up slightly today, June 11, after an ex-Baltic deal was disclosed to the market at higher levels.
SteelOrbis has learned that an Iskenderun-based producer concluded an ex-Baltic scrap deal for HMS I/II 80:20 scrap at $267/mt CFR and bonus grade scrap at $277/mt CFR. In the previous deal, the benchmark HMS I/II 80:20 scrap quotation was at $265/mt CFR.
Additionally, a steelmaker in Turkey’s Marmara region has made a purchase from the UK for a total 18,000 mt of scrap, consisting of HMS I/II 75:25 scrap at $255/mt CFR and bonus grade scrap $270/mt CFR. In the light of this information, the HMS I/II 80:20 scrap price is estimated to be at $260/mt CFR, mostly indicating a sideways movement as compared to the previous level at $261/mt CFR from Belgium.
Demand in the domestic Turkish long steel market has been lively for some time but traders are reporting a slower pace today. It is also observed that flat steel demand is recovering in Turkey and prices are moving up. This factors support the scrap market, though short, medium and long term uncertainties resulting from the Covid-19 virus continue. The idea of import deep sea prices touching $270/mt CFR level is gaining strength with every new deal, while some market sources still believe it will be the peak for July shipments .
