Turkey’s import scrap prices from Europe have increased slightly today, November 4, amid news of an ex-UK transaction done late last week. This deal also supports the impression that deep sea scrap prices have hit bottom and are now coming to equilibrium.
SteelOrbis has learned that an ex-UK booking was done by an Izmir-based producer for HMS I/II 80:20 scrap at $359/mt CFR on Friday, November 1. This price is $4/mt higher than the previous ex-Netherlands deal reported on October 31. As a result, the SteelOrbis ex-EU scrap reference price has been revised to $355-359/mt CFR.
While Turkey’s scrap import prices are showing signs of stabilization amid positive sentiment, the news from the US scrap market is relatively negative. Having a week ago anticipated that November would start with a stable or upward movement, now US market sources believe domestic scrap prices are showing a strong tendency to soften. SteelOrbis has learned that the dock-delivered price range for HMS I/II scrap in New York is now being heard at approximately $275-280/gt ($279-284/mt), from earlier estimates at $280-$290/gt ($284-295/mt). With the US presidential elections being held on November 5 and the 14th NPC Standing Committee in China convening for its 12th session on 4-8 November, players in the global steel and scrap markets are monitoring developments closely. A German scrap sub-collector has commented that demand from export yards is very slow, saying that there have been hardly any bids recently.” SteelOrbis has learned that an Amsterdam-based export yard is currently bidding at €285/mt DAP for HMS I/II 70:30 scrap.