With the new ex-US scrap deal in Turkey, HMS I/II 80:20 prices have reached to the $270/mt threshold which was not seen quite for a time.
SteelOrbis has learned that a Black Sea-based mill has concluded an ex-US transaction for 15,000 mt of shredded scrap at $275/mt CFR and 15,000 mt of bonus grade scrap at $280/mt CFR. The cargo will be shipped in the first half of September. Accordingly, the benchmark HMS I/II 80:20 scrap prices are estimated to be at $270/mt CFR. Earlier today, another ex-US scrap deal was heard with the price of the same grade being at $269.5/mt CFR.
Market sources have stated that US-based suppliers are aiming for $270-280/mt CFR for prime grade, while some buyers think that $280/mt CFR is not workable for now. Turkish long producers reportedly have almost all dimension in their stocks and the delivery terms are close, though on the wire rod side, there is still demand. However, the upcoming holiday in Turkey is expected to slow down business in the coming week.