As deep sea scrap quotations have moved up in Turkey in the current week, short sea scrap prices have followed suit.
SteelOrbis has learned that a total of 18,000-20,000 mt of short sea scrap has been bought from Romania and Adriatic by mills in Marmara region and Izmir, with HMS I/II 80:20 scrap at $277-280/mt CFR. Previously, SteelOrbis’ daily price for short sea scrap was in the range of $275-278/mt CFR.
Meanwhile, a Black Sea-based Turkish mill has bought ex-Rostov A3 grade scrap at $288/mt CFR Turkey. Russian suppliers are still seeking higher prices at around $300/mt CFR Turkey for HMS I/II 90:10 scrap, citing the lively demand observed in their domestic market. Sources state that, due to the ongoing grain season, freight prices are increasing, supporting Russian suppliers’ higher price idea.
Turning to Cyprus and Israel, market sources think that a level of $270/mt CIF Iskenderun for HMS I/II 75:25 scrap is acceptable to both buyers and sellers, but no deal has been concluded yet at this level.
Demand for short sea cargoes currently exists in Turkey. One market source stated that the earlier postponement of purchases of deep sea scrap cargoes this month is now leading to lively demand for short sea scrap. Short sea scrap prices are expected to increase in line with deep sea prices in the coming days.