European scrap prices in Turkey reaches $385/mt CFR as anticipated

Tuesday, 21 November 2023 19:17:14 (GMT+3)   |   Istanbul

With new deals Turkey’s import scrap market has continued its uptrend, this time by $5/mt. The positive sentiment in the market continues as Turkish mills continue to seek for deep sea scrap cargoes to be shipped in January.

SteelOrbis has learned that an ex-Netherlands deal was done by a Izmir-based producer with the HMS I/II 80:20 and shredded scrap standing at $385/mt CFR and $408/mt CFR, respectively. The cargo will be shipped in January. SteelOrbis’ ex-EU scrap prices will be revised upwards by $5/mt.

Meanwhile, an ex-Finland scrap booking was done by an Marmara-based producer for 20,000 mt of HMS I/II 80:20 scrap at $387/mt CFR and 4,000 mt of bonus grade scrap at $407/mt CFR. Ex-Baltic scrap prices moved up by another $2/mt.

As SteelOrbis mentioned earlier today, November 21, the positive sentiment in Turkey’s import scrap market continues. Market players voiced several reasons for the ongoing increases such as lower scrap supply, winter conditions, approaching holiday season, Turkey’s ongoing scrap demand and Turkish mills’ initially low scrap inventories. A scrap supplier said, “While scrap prices increase, finished steel quotations move in line and there are sales with higher levels. We see there is no exports, but somehow current sales of some mills support the recent increases.” SteelOrbis has heard that some European scrap exporters are collecting material at around €310-315/mt DAP, though some sellers do not accept such levels. “Although fundamentals resulting in this price increase have not changed, we think there is no support for further rise. Hence, we are not interested in collecting scrap at higher levels,” a European scrap seller commented.


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