Ex-UK prime grade scrap to Turkey reaches to $335/mt

Friday, 20 November 2020 20:50:43 (GMT+3)   |   Istanbul

The uptrend in European scrap quotations in Turkey has continued with a relatively old ex-UK deal disclosed to the market today - done on Monday, November 16, according to market sources.

An Iskenderun-based mill concluded the ex-UK booking for a full shredded cargo totaling 35,000 mt at $340/mt CFR at the beginning of the week. The HMS I/II 80:20 scrap for this cargo is estimated to be at $335/mt CFR, while the most recently heard ex-Belgium cargo had indicated that benchmark prices were at $330/mt CFR.

Market sources state that all indicators in the global steel market is positive. As prices of all commodities continue to increase, China is still strong, Turkish mill sales have been good and scrap supply is slowing down with Turkey still seeking many cargoes. Also a major European supplier states that this uptrend of scrap prices are supported by the shrinkage in supply, while another one states that “some suppliers are selling the scrap that is not there.” As mentioned earlier today by SteelOrbis, in St. Petersburg, scrap supply is very low and will decline further amid the approaching end-of-year holidays which will be followed by the Christmas holidays in January. A supplier that does procure scrap from the Baltic region has mentioned that the new price range for the region is considered to be $350-360/mt CFR Turkey, adding that the conversation in the market is whether prices will reach to $400/mt CFR. Most market players are careful to not mention an upper end to this rise under the current positive circumstances.

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