New ex-Baltic deals have been disclosed to the market today, November 26, leading a rise in prices that hit $350/mt CFR Turkey level for benchmark grade.
A Marmara based mill has concluded an ex-Swedendeal for HMS I/II 80:20 scrap at $350/mt CFR, shredded scrap at $355/mt CFR and bonus grade scrap at $360/mt CFR. Also a steelmaker in Turkey’s Black Sea region has concluded a transaction from Denmark for HMS I/II 80:20 scrap at $349.4/mt CFR, shredded scrap at $354.4/mt CFR and P&S grade scrap at $359.4/mt CFR. Meanwhile, a third deal has been heard that market sources believe to be done by another Marmara-based mill for 20,000 mt of HMS I/II 80:20 scrap at $345/mt CFR and 4,000 mt of bonus grade scrap at $355/mt CFR, for January shipment, though this transaction has not been confirmed by the buyer or the seller at the time of publication. Previous to these deals, SteelOrbis’ estimation for ex-Baltic benchmark HMS I/II 80:20 scrap were at $340-345/mt CFR Turkey.
As Baltic bookings, which were a bit silent in the recent period, started market players believe that ex-US transactions can be heard along with Baltic sales. Prices are expected to keep their uptrend as demand from Turkey persists and is supported by the rises recorded in Turkish mills finished steel quotations.