Having started the week with silence amid the negative changes observed in the Chinese steel market, some voiced their suspicion of a slight correction in deep sea quotations in Turkey. However, with the newly disclosed deep sea bookings, scrap quotations have increased one more time.
SteelOrbis has learned that ex-UK scrap cargo has been bought by an Izmir-based mill for 15,000 mt of HMS I/II 80:20 scrap at $500/mt CFR and 5,000 mt of shredded scrap at $520/mt CFR, for June shipment. Previous to this deal, ex-EU HMS I/II 80:20 scrap was at $499/mt CFR.
In the Baltic deals, prices also have increased. An Iskenderun based mill concluded an ex-St. Petersburg transaction for HMS I/II 80:20 scrap at $506.5/mt CFR and bonus grade scrap at $516.5/mt CFR, for July shipment. Meanwhile, a producer in Marmara region has concluded another ex-St. Petersburg booking for HMS I/II 80:20 scrap at $507/mt CFR and bonus grade scrap at $517/mt CFR. This cargo will also be shipped in the first half of July. Previous to these deals, ex-Baltic deals were closed in the range of $500-502/mt CFR for HMS I/II 80:20 scrap, though SteelOrbis’ estimation was standing in the range of $500-510/mt CFR.
In addition, a Venezuelan scrap cargo is rumored to be bought by an Izmir-based steelmaker, 25,000 mt of HMS I/II 80:20 scrap standing at $500/mt CFR, for June shipment.
According to market sources, as Turkish mills have completed their deep sea purchases for June shipment, also there are no offers from sellers to Turkey left in the market for this delivery term. With the deals abovementioned, some state that the new offer levels for HMS I/II 80:20 scrap to Turkey would be around $510-515/mt CFR, for July shipments.