As Turkish mills have stepped back from the market in the current week, short sea scrap demand has also shrunk.
Market sources state that a total of 12,000 mt of ex-Adriatic HMS I/II 80:20 scrap was sold to Turkey’s Izmir region this week, at $271/mt CFR, while the previously targeted price level was at $275/mt CFR Turkey. Although demand on the short sea side has almost stopped this week, market sources expect Turkish mills to conclude short sea scrap purchases in the coming week. Short sea HMS I/II 80:20 prices are expected to decline to $265-270/mt CFR Turkey. However, the collection prices of Romanian suppliers are increasing and they are unwilling to cut their offers sharply.
Meanwhile, Cypriot and Israeli suppliers’ HMS I/II 75:25 scrap offers at $250/mt CIF Iskenderun have been rejected by Turkish mills in the current week. The price expectations are for $245-250/mt CIF Iskenderun for next week.