The rapid decline in scrap prices which started in early May due to low demand still continues.
Ex-US HMS I/II 80:20 prices for Turkey, which were standing at $450/mt CFR at the beginning of May, have now declined to $420/mt CFR in the latest transaction heard, while the price of shredded scrap has dropped to $425/mt CFR. Besides, the price level is $3-4/mt above mainstream prices since the transaction is ex-New Orleans and for prompt shipment.
Regarding ex-Europe scrap, although in a recent scrap transaction from Europe to Turkey the price of 6,000 mt of HMS I/II 70:30 stood at $385 and the price of 2,000 mt of shredded scrap was at $405/mt, this deal constituted an additional tonnage sale within the framework of a previous transaction. Considering these price levels as well as ex-US scrap prices, the price of ex-Europe HMS I/II 80:20 scrap price is expected to be in the range of $400-405/mt CFR.