With the new deal disclosed to the market today, September 11, ex-Baltic HMS I/II 80:20 scrap prices for Turkey have indicated a sideways movement.
SteelOrbis has learned that an Iskenderun-based Turkish mill concluded an ex-St. Petersburg transaction on Wednesday, September 9, for HMS I/II 80:20 scrap at $300/mt CFR and bonus grade scrap at $310/mt CFR. The previous ex-Baltic deal was concluded at the beginning of last week at the same price level for benchmark prime grade scrap.
Some market sources state that there are many sellers in the market seeking buyers, while they believe this may limit the foreseen increase in scrap prices. Additionally, on the long steel side, market players report that demand received by Turkish mills is now slower since traders have inventories in hand and are making sales from their stocks. Meanwhile, the positive sentiment in the hot rolled coil (HRC) market is supporting the scrap market.