SteelOrbis has been informed by market sources that Turkish steel mills’ demand for import scrap is currently at low levels. With many scrap suppliers active in the Turkish market seeking to conclude sales and with this contributing to the weakness of demand, import scrap prices have come under pressure in Turkey.
While it is already known that deep sea HMS I/II 80:20 scrap prices to Turkey are currently in the range of $303-305/mt CFR, given the influence of Turkish mills’ ongoing pressure on prices deep sea HMS I/II 80:20 quotations are expected to decline to the level of $300/mt CFR. Although many scrap suppliers are getting used to the idea of a $300/mt CFR price level, SteelOrbis has been informed that a resistance may be possible at lower levels.
On the other hand, the downward pressure on sales prices has caused the purchase prices of European scrap yards to come under pressure also. It is observed that European scrap suppliers’ purchasing prices are now €7-10/mt lower.