Following a quiet start to the current week, a deep sea scrap booking from Belgium has been disclosed to the import scrap market in Turkey today, July 1.
SteelOrbis has heard that an ex-Belgium scrap deal has been concluded by an Iskenderun-based Turkish producer for 20,000 mt of HMS I/II 75:25 scrap, 2,500 mt of shredded scrap and 12,500 mt of a mixture of P&S grade and HMS I scrap at the overall average price level of $252/mt CFR Turkey, for shipment in the first half of August. In the light of this information, the benchmark HMS I/II 80:20 scrap quotation for Turkey is estimated to be at around $251/mt CFR, indicating a $1/mt increase as compared to the levels recorded for this grade in the previous ex-Belgium booking.
SteelOrbis had reported yesterday, June 30, that Turkish buyers’ price ideas for deep sea scrap were in the range of $250-255/mt CFR and prices based on the above deal have gained strength in this anticipated range. Some market sources state that Turkey’s import scrap market will be in equilibrium in the coming period with no oversupply or shortage of supply anticipated. Although there are many uncertainties regarding the future, market players largely believe that deep sea quotations will remain in the range of $250-260/mt CFR for some time.
