As anticipated by SteelOrbis, Turkey has been concluding ex-Baltic deals over the past days and the prices recorded in these deals have indicated an uptrend.
An Iskenderun-based mill has bought an ex-Poland cargo for 26,000 mt of HMS I/II 80:20 scrap at $287.5/mt CFR, 2,000 mt of bonus grade scrap at $297.5/mt CFR and 2,000 mt of busheling scrap at $302.5/mt CFR, for late November shipment.
Also, another ex-Baltic deal is done by an Izmir-based producer for 23,000 mt of HMS I/II 80:20 scrap and 4,000 mt of bonus grade scrap at the average price level of $291/mt CFR. According to the information on hand, the HMS I/II 80:20 scrap price is standing at around $289.5/mt CFR. The previous ex-Baltic deal in Turkey was closed at $286/mt CFR for HMS I/II 80:20 scrap.
It is observed that the ex-Baltic prime grade scrap quotations have increased further and still have some room to rise. Market players currently voice their expectations of higher import scrap prices both from the US and the Baltic region. Some have even said that “$295/mt CFR Turkey is a possibility for US scrap”, though it would all depend on the buyers’ stance on price levels. Still, the sentiment surrounding the import scrap market is positive.