As anticipated, deep sea scrap prices for Turkey have continued their rebound in a new ex-US booking.
An Iskenderun-based Turkish mill has concluded the booking in question for 22,000 mt of HMS I/II 80:20 scrap at $410/mt CFR, 4,000 mt shredded scrap at $415/mt CFR and 4,000 mt of bonus grade scrap at $420/mt CFR, for March shipment. Prior to this deal, the estimations for ex-US HMS I/II 80:20 scrap were at $400-405/mt CFR.
It is known that the US suppliers had been asking for prices in the range of $410-415/mt CFR and, with the deal in question, the lower end of their offers have been reached quicker than most expected. However, some market players think that the uptrend observed in Turkey’s import scrap market will be more controlled this time and much will depend on the trend to be seen in China after its New Year holiday. Some market players believe that $420/mt CFR Turkey is possible for deep sea HMS I/II 80:20 scrap in the coming period, while others state that prices may settle at this level until the end of February. On the other hand, sources in the local Turkish rebar market state that the revival in demand has not yet reached the levels they anticipated, especially in the eastern part of the country.