Import scrap prices from the US to Turkey have lost another $6.5/mt in a new sale. A Marmara region-based steel producer has closed the deal for HMS I/II 80:20 scrap at $270/mt CFR and for shredded material at $275/mt CFR. The cargo, which totals 42,000 mt, will be shipped in September.
Sources report there are currently a lot of scrap offers in the Turkish market, following the transaction concluded from the US last Friday. However, Turkish steel mills are taking their time for now. “Turkish steelmakers are not in a hurry to purchase scrap as the weak demand for steel continues. In the meantime, some US scrap sellers, who were previously holding back cargoes, have now shown some volumes available,” a source mentioned. As a result, import scrap prices in Turkey may move down further, taking into account the increased number of offers and mills being reluctant to pay the current levels, SteelOrbis understands.