While the positive sentiment in Turkey’s import scrap market continues, an ex-US scrap deal has been disclosed, signaling sideways movement for benchmark HMS I/II 80:20 scrap.
SteelOrbis has learned that the cargo in question was bought yesterday, January 5, by an Iskenderun-based producer for 15,000 mt of bonus grade scrap and 15,000 mt of shredded scrap at the average level of $478.5/mt CFR. The cargo will be shipped in the first half of February. According to this information, the ex-US HMS I/II 80:20 scrap price is estimated at $463.5/mt CFR. Prior to this deal, the SteelOrbis daily price for US origin benchmark scrap was at $463-465/mt CFR and so it has remained the same.
There are buyers making inquiries in the import scrap market, as SteelOrbis reported yesterday. Meanwhile, the number of suppliers is lower, market players state. Some market players believe that deep sea HMS I/II 80:20 scrap prices will remain stable for some time as Turkish mills are still having trouble selling abroad while their costs are rising. Meanwhile, some think prices have some room to move up, citing Turkish mills’ needs for scrap. “They need to buy at least 35 deep sea cargoes for February shipment, and this is a rosy scenario,” a seller reported. In this situation, SteelOrbis’ deep sea HMS I/II 80:20 scrap prices remain at $460/mt CFR on average today, January 6.