An ex-Netherlands deal has been disclosed in Turkey’s import scrap market today, August 2.
SteelOrbis has learned that this deal was closed last week for August shipment by a Marmara-based Turkish mill, with HMS I/II 80:20 scrap bought at $460/mt CFR. This deal was not confirmed by the buyer or the seller by the time of publication but is believed to have been done. The previous ex-Belgium deal was closed at $465/mt CFR, for August shipment.
Market players believe that the downward trend of the deep sea scrap market is very close to reaching the bottom. While some market players state that Turkish buyers purchased large tonnages secretly during July from regular sources or from Venezuela and Libya, some believe Turkish mills are behind in meeting their needs for August shipment. Meanwhile, only one or two deals have been concluded for September shipment. Turkish mills’ finished steel order books are still on the full side for the coming month. One contact from a Turkish mill stated, “One shall not force scrap prices to go down much from the current levels which are currently providing good spreads for producers”.
