With the ex-UK scrap booking disclosed to the market today, November 27, prime grade scrap prices from the country have reached to the level of $350/mt CFR Turkey.
An Izmir-based producer has concluded the deal today, for 19,000 mt of HMS I/II 80:20 scrap at $350/mt CFR and 6,000 mt of shredded scrap at $360/mt CFR. The cargo will be shipped in December. Previous to this deal, SteelOrbis’ ex-Europe benchmark HMS I/II 80:20 scrap quotations were at $346/mt CFR fixed with a transaction from Netherlands that was reported by SteelOrbis earlier today. The unusual difference between the HMS I/II 80:20 scrap and shredded is still explained by the shortage of shredded scrap supply.
As European scrap prices have moved further up, eyes are turned to the upcoming Baltic and US bookings. The most recently disclosed ex-Baltic deal was closed at $350.5/mt CFR Turkey for HMS I/II 80:20 scrap. Market sources expect Turkish import scrap market to remain strong in the short term, citing their opinion with the equally firm finished steel market.