Finally, a new ex-US scrap booking has been disclosed to the market today, January 28, showing a slight decrease in quotations.
SteelOrbis has learned that an Iskenderun-based mill has concluded the deal for HMS I/II 80:20 scrap at $416/mt CFR, shredded scrap at $421/mt CFR and P&S grade scrap at $426/mt CFR. Previous to this deal, SteelOrbis’ reference prices for this origin HMS I/II 80:20 scrap was in the range of $415-420/mt CFR.
The Turkish scrap market was waiting for an ex-US deal as most players believed that this will determine the future trend of the market by signaling the way. As one can see the HMS I/II 80:20 scrap price in the ex-US booking is in the anticipated range, while it only reflects the downtrend observed with the ex-UK scrap deal closed at $408/mt CFR Turkey for the same grade. As SteelOrbis mentioned earlier today, January 28, several market players expect a further softening in prices, while some voiced a possibility of a recovery when mills start to purchase deep sea scrap with their full strength. Meanwhile, the local Turkish rebar market is also moving down day by day, causing an uncertainty amongst buyers as they cannot be sure whether this decreasing trend will continue or not in the coming days. As a result, demand in Turkish domestic rebar market is very slow, according to market players.