Following the price increases recorded by the Europe and Baltic originated scrap cargoes disclosed to the market today, ex-US scrap quotations have also jumped up and reached $276.5/mt CFR Turkey in the new deal.
An Izmir-based mill has concluded an ex-US scrap transaction for 20,000 mt of HMS I/II 80:20 scrap at $276.5/mt CFR, 15,000 mt of shredded scrap at $281.5/mt CFR and 5,000 mt of bonus grade scrap at $286.5/mt CFR. The cargo will be shipped in the second half of September. The previous ex-US deal was closed at the end of last week and the HMS I/II 80:20 scrap quotation was at $270/mt CFR Turkey.
The new threshold at $280/mt CFR is now closer and market players believe it is now easier to achieve. All deep sea prime grade scrap prices have risen since the beginning of the week, and now the benchmark HMS I/II 80:20 price in Turkey is standing at $273-276.5/mt CFR, the lower end representing the European scrap quotations.