Fresh ex-Baltic scrap lot sold to Turkey, expectations mixed

Wednesday, 20 November 2019 16:56:57 (GMT+3)   |   Istanbul
       

A Marmara region-based Turkish steel producer has freshly booked a scrap cargo originating from St. Petersburg, SteelOrbis has learned. In the lot, 25,000 mt of HMS I/II 80:20 scrap were priced at $261/mt CFR and 5,000 mt of bonus grade at $271/mt CFR. As a result, the daily price for ex-Baltic scrap in Turkey remains stable at $260-262/mt CFR for HMS I/II 80:20.

Expectations regarding the further trend remain mixed in Turkey. On the one hand, mills resist accepting higher offers from the scrap sellers, claiming that their rebar sales are insufficient both in terms of prices and volumes. At the same time, Turkish mills’ hot rolled coil sales are currently active, while their prices have risen by at least $20/mt over the past weeks. On the other hand, according to market sources, there are delays in shipments of the scrap cargoes booked earlier at lower prices due to collection problems. This might result in some urgent requirements from the buyers’ side and in higher deal prices for scrap. Demand for the short sea cargoes might also increase, SteelOrbis understands.


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