The rapid decline in
scrap prices which started in early May due to low demand still continues.
Ex-
US HMS I/II 80:20 prices for
Turkey, which were standing at $450/mt CFR at the beginning of May, have now declined to $420/mt CFR in the latest transaction heard, while the price of shredded
scrap has dropped to $425/mt CFR. Besides, the price level is $3-4/mt above mainstream prices since the transaction is ex-New Orleans and for prompt shipment.
Regarding ex-
Europe scrap, although in a recent
scrap transaction from
Europe to
Turkey the price of 6,000 mt of HMS I/II 70:30 stood at $385 and the price of 2,000 mt of shredded
scrap was at $405/mt, this deal constituted an additional tonnage sale within the framework of a previous transaction. Considering these price levels as well as ex-
US scrap prices, the price of ex-
Europe HMS I/II 80:20
scrap price is expected to be in the range of $400-405/mt CFR.