EU scrap booked in Turkey, sentiment weak

Friday, 20 September 2019 17:02:55 (GMT+3)   |   Istanbul
       

More deals for ex-EU scrap were concluded in Turkey this week. A Marmara region-based producer, according to sources, has sealed a deal with an ex-UK seller for 18,000 mt of HMS I/II 80:20 scrap at $223.50/mt CFR. Previously, two deals from the UK were concluded to Turkey at $228/mt CFR, as SteelOrbis reported. “There are some quality differences so the actual decrease is not that much. With this deal, I would say premium quality US scrap should be estimated at around $230-231/mt CFR,” a trader said. In addition, earlier this week a deal was closed to Iskenderun at $228/mt CFR for HMS I/II 80:20 and at $240/mt CFR for bonus grade. Negotiations with the Turkish mills continue: according to the sources, one of the Iskenderun region-based mils is currently in negotiation with a British scrap seller. In the meantime, one of the UK collectors has reportedly completed October shipments sales and has started to place offers for November.

US scrap prices for Turkey are expected to gain some clarity during the upcoming IREPAS meeting; for now, the sellers are foreseen to open up close to $235/mt CFR for HMS I/II 80:20. However, the level might be negotiable. SteelOrbis has been informed about the recent drop in scrap collection prices at US ports, which is a sign of some negativity. In addition, sellers might become more active on exports as local domestic prices in the US are expected to fall further.


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