After the ex-UK transaction reported by SteelOrbis earlier today, another deep sea deal from Canada has been disclosed to the market with higher prices for prime grade scrap.
SteelOrbis learned that an Iskenderun-based mill has concluded a purchase from Canada for 10,000 mt of shredded scrap, 15,000 mt of P&S grade scrap and 25,000 mt of HMS I/II 90:10 scrap at the average price of $261/mt CFR, for June shipment. In the light of this information, the HMS I/II 80:20 scrap price is estimated to be at $255.75/mt CFR. Previous to this deal, SteelOrbis’ daily prices for the deep sea HMS I/II 80:20 benchmark was in the range of $252.5-253/mt CFR Turkey.
Also, a sale from Israel to an Iskenderun-based mill has been made for 5,000 mt of HMS I/II 75:25 scrap at $230/mt CIF. According to market sources, there will be higher number of short sea deals in the coming period for June shipments.
There are still four to five deep sea cargoes offered to Turkey, according to the market players surveyed by SteelOrbis. Turkish mills are waiting to see the trend in the local US scrap market which will be clearer with the start of the June buy-cycle. Also the increase in global iron ore prices has attracted attention in the market, and is closely observed.