In the deals for ex-Baltic scrap cargoes for Turkey heard this week, the price trend has been characterized by stability. Both deals are from Poland and the prices are very close to each other.
SteelOrbis has learned that a Marmara-based producer has concluded a deal for 25,000 mt of HMS I/II 80:20 scrap at $379/mt CFR. This price is $1/mt higher than the previous booking from Poland for HMS I/II 80:20 scrap at $378/mt CFR. Meanwhile, the two suppliers in question are relatively new in the Turkish market.
An ex-Romania deal has also been closed for HMS I/II 80:20 scrap at $368/mt CFR. An Italian cargo has been sold to Turkey with HMS I/II 80:20 scrap standing at $375/mt CFR, while another Adriatic origin cargo was sold at $370/mt CFR for the same grade. Turkish mills are showing interest in short sea scrap after concluding several deals for deep sea scrap in past weeks.
Sellers’ offers to Turkey have increased to $390/mt CFR and above for ex-US and ex-Baltic scrap, though these levels are not accepted by buyers yet. Since the Turkish lira is losing strength against the US dollar, there has been some trading in the local Turkish rebar market. However, the mood in the market is cautious. Deep sea scrap prices are relatively stable, though some market players believe there is the potential for them to rise. According to a European scrap supplier, “When Turkey comes back to the market for July shipments, prices will increase by around $10/mt.” A major European scrap seller also said, “Turkey’s scrap stock levels are on the low end.” Turkish mills continue to procure scrap after selling some finished steel, with the purchases being back to back. A producer stated, “It is still hard to make estimations for the medium term.”