New information about scrap bookings concluded at the end of May continues to come to light.
SteelOrbis has learned that at the end of May a steelmaker in Turkey’s Black Sea region concluded an ex-Canada deal for 18,000 mt of shredded scrap, 20,000 mt of 95:5 scrap and 12,000 mt of P&S grade scrap at the average price of $261.5/mt CFR. In light of this data, the HMS I/II 80:20 benchmark quotation is estimated to be at $254-255/mt CFR Turkey. In the previous transaction from Canada, HMS I/II 80:20 scrap was priced at $255.75/mt CFR.
Like other bookings, this booking also signals a stable trend in terms of prices, while market players expect prices to maintain their current levels but do not rule out a slight decrease at the beginning of June. However, price expectations are positive for later in June.