According to market sources, early this week HMS I/II 80:20 scrap offers from Lebanon to Turkey indicated a softened by $5/mt compared to the two weeks previous to $340/mt CFR. In the past week, an ex-Lebanon deal has been concluded in Turkey for approximately 5,500 mt of HMS I/II 80:20 scrap at $340/mt CFR.
The $340/mt CFR mark was an acceptable price level for Mediterranean scrap last week, though this level is now considered to be on the high side this week. Against the backdrop of the softer trend of ex-deep sea scrap prices, Turkish buyers have started to put downward pressure on Mediterranean scrap quotations. While buyers are trying to get prices as low as $335/mt CFR from this region, Mediterranean suppliers are offering resistance and have withdrawn their offers this week.