Earlier today, June 25, SteelOrbis mentioned a rumor about an ex-Belgium booking made in Turkey, which was confirmed since then and indicates a significant price fall for deep sea scrap.
The booking in question is made by a Marmara-based mill and consists equal tonnages of HMS 75:25 scrap and bonus grade scrap at the average price level of $252.5/mt CFR, for August shipment. In the light of this information, benchmark HMS I/II 80:20 scrap is estimated to be at $250/mt CFR. Before the confirmation of this deal, SteelOrbis’ estimated price for European HMS I/II 80:20 was at $258-259/mt CFR Turkey.
Market sources state that other premium deep sea scrap quotations will inevitably follow suit; some even said that ex-US HMS I/II 80:20 price ideas are now below $260/mt CFR. Some sources believe that this sharp fall recorded in scrap prices is the result of the lacking finished steel exports in Turkey. Again, Turkish import scrap market needs more deep sea bookings to see whether this one is an isolated trade. But even if it is, deep sea scrap prices are now under serious pressure.
