Turkish mills accepted another moderate increase in import scrap prices, as seen in new deals from the US and Canada
A US-based scrap supplier has sold a cargo to Turkey’s Marmara region at $472/mt CFR for HMS I/II 80:20 and $492/mt CFR for shredded grade. In addition, another steel producer from the same region has closed a deal from Canada for 15,000 mt of HMS I/II 95/5, 20,000 mt of shredded and 15,000 mt of P&S scrap at $490/mt CFR on average. Sources mostly estimate the HMS I/II 80:20 price level as $473-473.5/mt CFR based on the ex-Canada deal, while some believe it is $1-2/mt lower than that. As a result, the US benchmark price is now estimated at $472-473/mt CFR, up by $5/mt, and a lot of market players expect US suppliers will try to sell at $475/mt CFR and maybe even slightly higher. “Most scrap consumers in Turkey need high quantities of scrap in the first half of February, but supply seems a little bit tight,” one Turkish producer told SteelOrbis.
In addition, there has been information about an ex-EU scrap sale circulating in the market as having been closed at $464/mt CFR for the benchmark grade, in line with the estimated price range for ex-EU scrap. The full details of the transaction have not been disclosed to the market yet.