After the two Baltic deals concluded at around $296/mt CFR Turkey for HMS I/II 80:20 scrap at the end of last week, an ex-US booking has been disclosed to the market today, September 28.
An Iskenderun-based mill has concluded the deal in question for HMS I/II 80:20 scrap at $293/mt CFR, shredded scrap at $298/mt CFR and bonus grade scrap at $303/mt CFR. Even though the suppliers is US-based, the cargo will be shipped from Puerto Rico, according to market sources. Previous to this booking SteelOrbis’ price estimation for the benchmark ex-US HMS I/II 80:20 grade was in the range of $295-300/mt CFR.
The level of $293/mt CFR is greeted with astonishment as the majority of the market was expecting ex-US HMS I/II 80:20 price to maintain its strength above $295/mt CFR Turkey, especially after the Baltic deals abovementioned. Many market players think that to confirm this level, one shall see some more ex-US deals. It is also learned that some US-based suppliers are not willing to conclude sales at such a level, citing with the anticipated rise in their local scrap market.
