Another sharp increase has been recorded in European scrap prices in Turkey, as the US’s absence continues.
A Marmara-based mill has concluded the ex-Germany deal for HMS I/II 80:20 scrap at $455/mt CFR, shredded scrap at $470/mt CFR, bonus grade scrap at $470/mt CFR and busheling scrap at $475/mt CFR. Previous to this deal, ex-EU benchmark HMS I/II 80:20 scrap quotations were estimated to be at $440/mt CFR Turkey.
Market players state that scrap demand of third party countries other than Turkey continues. A European supplier states that they are receiving significant demand even from Mexico, while another adds that there are some sales to Egypt for lower grades. Also, it is known that Canada and the US are selling cargoes to countries such as Mexico and Brazil. Mainly, all players in the supplier side state that the lack of supply continues and is expected to be worse with the lockdowns initiated in Germany and Netherlands, which is followed by the lockdown in the UK as a result of the mutation observed in the Covid-19 virus.