When import scrap purchases for August shipments to Turkey recently started, a few ex-Baltic scrap bookings were heard in Turkey. As of last week, ex-Baltic scrap transaction activity has increased once again. In last week's ex-Baltic scrap bookings, prices of HMS I/II 80:20 scrap were at $374-375/mt CFR for August shipments, with the transaction prices indicating an increase of $3-4/mt as compared to previous transaction levels. Meanwhile, last week ex-Europe HMS I/II 75:25 scrap transactions were concluded to Turkey at $360/mt CFR, with transaction price levels up by $2/mt comparing to the previous bookings. No new import scrap bookings have been heard so far in the current week.
Market sources report that, even though the recent import scrap bookings have provided some relief for Turkish mills, some mills still need to purchase scrap, and so booking activity for scrap during the Ramadan holiday (July 28-30) is expected to increase. The anticipated scrap bookings will likely be concluded from the Baltic region at the same price levels.