Following the two ex-Baltic scrap deals to Turkey shared by SteelOrbis earlier today, October 22, another one from the same region has been disclosed to the market.
A Marmara-based Turkish steelmaker has concluded the third transaction, from Finland, for HMS I/II 80:20 scrap at $291/mt CFR, shredded scrap at $296/mt CFR and bonus grade scrap at $301/mt CFR, for late December shipment. The previous ex-Baltic deals reported by SteelOrbis were closed at $287.5/mt CFR and $289.5/mt CFR, respectively, for benchmark HMS I/II 80:20 scrap.
As a result, ex-Baltic scrap quotations have reached and surpassed the ex-US scrap prices recorded in the most recent bookings to Turkey. While the Turkish market has been waiting for the decision of Turkish Central Bank’s Monetary Policy Committee on interest rates, the announcement which has just been made indicates unchanged rates. Meanwhile, some market sources state that prime grade import scrap quotations for Turkey are expected to rise by a further slight margin.
