SteelOrbis has learned from market sources that Romanian A3 grade scrap offers have softened by $1-2/mt since last week, declining to $349-351/mt CFR Marmara Sea ports and $350-352/mt CFR Nemrut port. In the meantime, ex-Russia A3 grade scrap offers have remained unchanged at $352-355/mt CFR Marmara Sea ports and $355/mt CFR Nemrut port. Last week, the latest ex-Romania A3 scrap transaction was concluded at $349/mt CFR Nemrut, while ex-Russia A3 scrap transactions were at $352-354/mt CFR Marmara Sea port.
Finished steel demand coming from Iraq, a major finished steel export market for Turkish mills but now riddled with conflict, is declining with each day, leading Turkish steel mills to reduce current scrap offers and to expect more satisfying discounts. However, freight rates for ex-Black Sea scrap cargoes have started to move upwards ahead of the grain season which will begin in July. And this also makes it more difficult for Turkish mills to persuade ex-Black Sea scrap suppliers to lower their prices.