Import scrap prices in Turkey have shown a fast rebound in fresh deep sea deals, reflecting the tight supply situation in the market as collection activities have been restricted in the major supplying regions.
A Marmara-based mill has concluded an ex-US deal for 15,000 mt of HMS I/II 90:10 scrap at $245/mt CFR, 12,000 mt of shredded scrap at $248/mt CFR and 3,000 mt of bonus grade scrap at $253/mt CFR. With this deal, the HMS I/II 80:20 price is evaluated at around $243/mt CFR, while earlier it was estimated at $206-208/mt CFR. Another ex-US cargo has been rumored in the market as being closed at $240/mt CFR Marmara for HMS I/II 80/20, but this has not been confirmed by either the buyer or seller by the time of publication.
An Iskenderun region-based Turkish steel mill has bought an ex-Belgium cargo this week, again with a price increase. Most market sources report the deal as being for 10,000 mt of HMS I/II 75:25 scrap at $235/mt CFR, 20,000 mt of shredded scrap at $243/mt CFR, 4,000 mt of a mixture of P&S grade and HMS I scrap at $248/mt CFR and 6,000 mt of busheling scrap at $253/mt CFR. However, some players say the cargo composition may be different. The ex-EU HMS I/II 80:20 scrap benchmark is now estimated at $238/mt CFR according to this deal, SteelOrbis understands, up from around $206/mt CFR early last week.
Market sources state that demand is being received from Turkish mills and that the pressure on scrap supply is still felt resulting from problems experienced on the scrap collection side. It is also known that the SIMS Metal Management scrap metal recycling yard retail business in the Bronx, New York, has temporarily closed. On Friday, April 3, it was reported that Schnitzer Steel announced it would temporarily suspend operations at its export dock in Providence, Rhode Island, in addition to halting operations at three other Northeast ferrous and nonferrous scrap yards. The general opinion in the market is that there may be some more deals heard in the short term at higher price levels.