Following the sharp decrease observed in prices late last week, another ex-Baltic deal has been disclosed to the market today, February 9.
SteelOrbis has learned that an Iskenderun-based mill has concluded the ex-Murmansk deal for 18,000 mt of HMS I/II 95:5 scrap at $399.5/mt CFR, for late February or early March. According to this information, the HMS I/II 80:20 scrap price is estimated to be around $390-392/mt CFR, which signals for $385-387/mt CFR for Baltic originated prime grade. The previous ex-Baltic deal was closed at $380/mt CFR Turkey for the benchmark HMS I/II 80:20 scrap.
On the short sea side, sellers are offering $380-385/mt CFR for HMS I/II 80:20 scrap from Romania and Adriatic, while buyers firm bids are at $375/mt CFR Turkey. Some market sources state that there are more price inquiries by mills this week as compared to late last week.
Market sources state that US-based suppliers have offered the levels of $410/mt CFR for HMS I/II 80:20 scrap to Turkey and they have maintained a firm stance in terms of pricing as they receive demand from other regions such as Asia and South America. A similar situation--demand coming destinations other than Turkey--is observed in the European region, where suppliers voice collection problems due to harsh winter conditions and high levels in rivers. Turkish mills are making price inquiries, some not ready to accept the levels offered by sellers, some seeking for a stability in prices. The wire rod sales of Kardemir have attracted attention today, as the producer has closed its local sales after receiving demand for approximately 50,000 mt. Also some traders in the local Turkish rebar market state that there has been a revival in demand, though they add their concerns about the weather as a wave of snow storms is expected in most parts of the country in the coming week.
