SteelOrbis has been informed that this week a Turkish steelmaker has concluded two different scrap bookings, one from the US and the other from the UK. Accordingly, the mill has concluded a booking of an ex-US cargo consisting of HMS I/II 80:20 at $408/mt CFR, shredded scrap at $413/mt CFR and bonus scrap at $418/mt CFR, totaling 42,000 mt. The producer has concluded a second booking for an ex-UK cargo consisting of 20,000 mt of HMS I/II 75:25 at the price level of $390/mt CFR.
Even though little activity is witnessed in the Turkish finished steel market, the increased activity in the billet market has helped scrap prices to maintain their high levels. Meanwhile, market sources state that ex-US HMS I/II 80:20 scrap prices will not likely drop below the level of $400/mt CFR Turkey in the short term.