As predicted by SteelOrbis, deep sea scrap quotations in Turkey have increased slightly in the new round of purchases.
An Iskenderun-based Turkish steelmaker has concluded a deal from the US for 18,000 mt of HMS I/II 80:20 scrap at $296.5/mt CFR, 10,000 mt of shredded scrap at $301.5/mt CFR and 2,000 mt of bonus grade scrap at $306.5/mt CFR. Before this deal, the most recent ex-US scrap transaction in Turkey was closed towards the end of October at $292/mt CFR for HMS I/II 80:20 grade.
Another producer in the same region has concluded an ex-Poland cargo cargo consisting of 26,000 mt of HMS I/II 80:20 scrap at $293.5/mt CFR, 2,000 mt of bonus grade scrap at $303.5/mt and 2,000 mt of busheling scrap at $308.5/mt CFR, for December shipment. Also, a Marmara-based mill is reported to have bought ex-St. Petersburg HMS I/II 80:20 scrap at $293/mt CFR, though this information was not confirmed by the seller or the buyer at the time of publication. The upper end of SteelOrbis’ daily prices for benchmark grade was standing at $293.5/mt CFR as represented by recent Baltic deals previous to the ones mentioned.
Also, a mill in Turkey’s Marmara region has bought an ex-Germany cargo for HMS I/II 80:20 scrap at $289/mt CFR, shredded scrap at $294/mt CFR and bonus grade scrap at $299/mt CFR. In the previous deal from Belgium, the benchmark HMS I/II 80:20 price was estimated at $288/mt CFR.
As one can see, import scrap prices have started to move up at a slow pace, as anticipated. Market sources state that the some players have been waiting to see the results of the US election in order to make some estimations about the likely trend of the local US scrap market, while the ongoing depreciation of the Turkish lira is still creating problems. Meanwhile, due to the approaching winter conditions, some expect domestic scrap flow to slow down in Turkey.