Finally an ex-US scrap booking has been disclosed to the market with prime grade HMS I/II 80:20 scrap hitting $473/mt CFR Turkey.
An Iskenderun-based mill has concluded the deal in question for 23,000 mt of HMS I/II 80:20 scrap at $473/mt CFR, 5,000 mt of shredded scrap at $478/mt CFR and 2,000 mt of bonus grade scrap at $483/mt CFR. Previous to this deal, SteelOrbis’ estimation for ex-US benchmark HMS I/II 80:20 scrap was in the range of $464-467.5/mt CFR.
Also a Marmara-based mill has concluded an ex-Sweden booking for a full shredded cargo at $480/mt CFR, for January shipment. According to this information and due to the lack of shredded scrap supply, most market players estimate the ex-Baltic HMS I/II 80:20 scrap prices to be at around $470/mt CFR Turkey. Previous to this transaction, ex-Baltic HMS I/II 80:20 scrap was standing at $467-467.5/mt CFR Turkey.
As import scrap prices in Turkey have increased further, it is currently observed that a slight resistance is shown by mills to higher prices. Also, as of tomorrow, most scrap supplier regions will start holiday, which will be followed by Turkey’s short-term lockdown planned for late December 31 to January 1. The future trend of the Turkish import scrap market would depend on many variables such as finished steel demand, scrap availability and mill’s attitude towards higher prices, one market player states, adding that the local long steel market is currently slow and the exports are not lively as before.