With the ex-Baltic deal disclosed to the market today, April 29, ex-Baltic benchmark grade scrap prices has reached to $435/mt CFR.
SteelOrbis has learned that the deal in question has been done by a Marmara-based mill for HMS I/II 80:20 scrap at $435/mt CFR and bonus grade scrap at $445/mt CFR, for early June shipment. Previous to this deal, an ex-Denmark booking was closed at $432/mt CFR for the benchmark grade.
Today, suppliers’ strategy is to take a step back and wait for the anticipated increase to be realized in terms of deep sea scrap prices or to convince steelmakers to higher levels at least. With the changing mood following the news from China, suppliers’ ideas for HMS I/II 80:20 grade scrap prices for Turkey are mostly at around $440/mt CFR. However, Turkish mills are also evaluating the situation, considering the advantages as well as the risks. Today, rumors of large tonnages changing hands in the local rebar market was voiced by some players, though the tonnages or the price levels were not confirmed by the time of publication. Having said that, even the rumors had a positive impact in the local Turkish rebar market and some traders started to purchase small tonnages from mills. Also, a number of Turkish steelmakers announced that they have closed their domestic sales for various reasons, causing an expectation of an increase in local rebar quotations.