Ex-US scrap quotations in Turkey have continued to move up at a fast pace since the lack of availability is still observed.
SteelOrbis has heard that an Iskenderun-based Turkish producer has concluded an ex-US scrap deal with HMS I/II 80:20 scrap standing at $383/mt CFR. The deal has not been confirmed by the seller or buyer by the time of publication, but it is believed by market players to have been done. Hence, the ex-US scrap price has increased from 373-375/mt CFR to $383/mt CFR.
As a result, estimations for ex-EU HMS I/II 80:20 scrap have increased to $370-375/mt CFR. Also, ex-Baltic scrap prices are now standing at $380-383/mt CFR. Major European scrap sellers are expecting prices to move up further, with some even saying that they have been out of the market for weeks now amid this expectation. Deep sea scrap prices are set to test $390s/mt CFR in the coming period, and the upward push continues since there is no recovery on the collection side. A German sub-collector said that they are only concluding immediate deliveries resulting from their previous contracts and are planning to leave for the holiday around December 17. Under the current circumstances, European HMS I/II 80:20 scrap prices may move closer to ex-US scrap quotations.
Romanian HMS I/II 80:20 scrap offers to Turkey are around $360-365/mt CFR, but no deals are heard to have been closed in this range yet. “There are not many offers from Romania. They are all waiting for higher levels,” a seller commented.
