Ex-US scrap price stable in new deal to Turkey

Wednesday, 02 October 2019 17:53:11 (GMT+3)   |   Istanbul

A fresh ex-US import scrap booking to Turkish has been disclosed to the market on October 2, with the price level being in line with the previous ex-US transaction to the same destination. According to the market sources, a Marmara region-based steel producer has booked 33,000 mt of HMS I/II 80:20 at $226/mt CFR and 7,000 mt of shredded scrap at $231/mt CFR, for shipment in November.

As a result, the level for ex-US HMS I/II 80:20 remains stable at $226/mt CFR, making market players hopeful of avoiding a further price weakening. “I think scrap has bottomed out now despite the likely decrease in the US. Prices might be stable this week with $1-2/mt higher or lower here and there, but afterwards shall move up somehow,” a trader said. However, sources believe that, once there is some clarity in local scrap prices in the US, which are expected to decrease substantially in the near future, Turkish mills might be again pushing for $5-10/mt reductions on the import side.

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