Ex-UK scrap prices have moved up in Turkey with a new deal disclosed to the market today, June 15, reaching to the levels of other premium scrap quotations.
SteelOrbis has learned that a Marmara-based Turkish mill has concluded a deal from the UK for HMS I/II 80:20 scrap at $265/mt CFR. In the previous ex-UK deal heard at the end of last week, this grade was sold at $262/mt CFR. In this new booking, the general price rate for deep sea HMS I/II 80:20 scrap has increased from $262-267/mt CFR to the range of $265-267/mt CFR.
Market sources surveyed by SteelOrbis believe that there is currently a balance in the market, while most of them expect a sideways movement in prices at $265-270/mt CFR for deep sea scrap in the coming days. The number of purchases made in Turkey for July shipments is on the high side, leading market sources to expect a slowdown in demand, though it is not observed yet. It is believed that finished sales in the local Turkish market will be an important factor determining the trend which will be seen in scrap prices, and also any significant finished steel sale to the export markets would have a big impact on scrap quotations.
