An ex-Baltic scrap cargo was sold to Turkey at the end of last week with a slight upward correction of the benchmark price. A supplier from Sweden agreed to sell HMS I/II 80:20 scrap at $244/mt CFR, shredded scrap at $249/mt CFR and bonus grade scrap at $254/mt CFR to a Samsun-based Turkish mill. The cargo will be shipped in the second half of November. As a result, the HMS I/II 80:20 has inched up by $0.5/mt compared to the previous ex-Baltic sale, and is now in line with the latest deal price from the US.
In the meantime, scrap suppliers’ new price targets are voiced at higher levels. Some US-based suppliers have been active in their offers for HMS I/II 80:20 at above $250/mt CFR, while other sellers might also revise the prices upwards. However, the Turkish mills might not be in a position to accept the higher levels. Prices for rebar have increased locally and for export. However, business activity in the segment still needs some improvement to confirm the general uptrend, SteelOrbis understands.