Deep sea prime grade scrap prices to Turkey have continued their uptrend unabated with an ex-Sweden cargo closed at $488/mt CFR.
SteelOrbis has learned that steelmaker from Turkey’s Marmara region has concluded the transaction in question for HMS I/II 80:20 scrap at $488/mt CFR, shredded scrap at $498/mt CFR and bonus grade scrap at $498/mt CFR. Prior to this deal, three ex-Baltic deals were closed at $479-480/mt CFR Turkey for the benchmark HMS I/II 80:20 scrap.
US-based suppliers are still out of the market, targeting higher levels. According to market sources, two ex-US cargoes were sold to Egypt earlier this week and the prices in question were higher than the levels fixed in deals to Turkey at the same time. Demand in the international scrap market is lively, while suppliers from all regions inform SteelOrbis that they are receiving good demand both from their domestic and export markets. The price increase in Turkey’s import scrap market is expected to continue, while market players state that the $500/mt CFR threshold for deep sea HMS I/II 80:20 scrap is very close to being reached. A similar sharp price increase has also been recorded in the local Turkish rebar market in the current week. A Marmara-based mill announced its local rebar prices today, May 7, at TRY 7,000/mt, which equals to $717/mt ex-works based on the Turkish lira-US dollar exchange rate at 8.27.
