Turkey’s recent transactions made from the US have indicated a price increase for the benchmark HMS I/II 80:20 scrap.
Following the $285/mt CFR level disclosed to the market earlier this week, another ex-US booking has been concluded by an Iskenderun-based mills for 17,000 mt of HMS I/II 80:20 scrap at $287/mt CFR, 7,000 mt of shredded scrap at $292/mt CFR and 6,000 mt of bonus grade scrap at $297/mt CFR. The previous transaction was closed at $285/mt CFR for the benchmark HMS I/II 80:20 scrap at the beginning of the week.
Some market sources state that the downtrend in import scrap quotations has come to an end and that ex-US scrap prices have now settled at a minimum of $285/mt CFR. Meanwhile, the lowest price level expected for European scrap is $280/mt CFR Turkey. With news of Turkish mills’ rebar exports heard this week, sentiment is more optimistic in the market, while market players think more deep sea deals will be heard in the coming days.
