In another ex-US scrap purchase concluded in Turkish, the benchmark scrap price has inched up only slightly.
SteelOrbis has learned that an Iskenderun-based Turkish mill concluded the deal in question for HMS I/II 90:10 scrap at $485/mt CFR, shredded scarp at $492/mt CFR and bonus grade scrap at $492/mt CFR, for February shipment. According to this information, the benchmark HMS I/II 80:20 scrap price is estimated to be at $482/mt CFR. In the previous ex-US deal, ex-US prime grade scrap was bought at $481/mt CFR Turkey.
As prices have indicated a slight increase once again, market sources admit that the pace of the upward price trend has slowed down. Some sources have said that this recent stability is good for the market and has been needed by all market players, while others have expressed the view that the uptrend of the market will continue in the coming days. The main driver of the upward trend, the shortage on the supply side, still exists. Also, demand for steel continues to be observed in the Far East. Meanwhile, SteelOrbis has learned that Egyptian Steel has opened two international scrap tenders, each for 40,000 mt, with February 5 and 10 set as loading dates.
