An ex-UK scrap deal was disclosed in Turkey’s import scrap market at the weekend, with the transaction concluded on Friday, July 3.
Accordingly, SteelOrbis has learned that a Black Sea-based Turkish mill concluded an ex-UK booking for 14,000 mt of HMS I/II 80:20 scrap at $253/mt CFR and 1,000 mt of shredded scrap at $258/mt CFR, for late July delivery. Prior to this deal, European HSM I/II 80:20 scrap prices were at $251/mt CFR Turkey due to the ex-Belgium transaction heard on the first day of July for August shipment.
Market sources state that prime grade scrap quotations in Turkey will maintain their strength within a narrow range for some time. Meanwhile, after the Fourth of July holiday, US domestic scrap prices are expected to settle in the current week, though sources believe that HMS and P&S scrap prices will settle at down $10/mt, with shredded and busheling scrap prices to settle with a decrease of $10-20/mt.