Despite the sideways movement observed in Turkey’s deep sea segment, demand for short sea scrap is on the low side, buyers are not showing much interest in offers.
SteelOrbis has learned that HMS I/II 85:15 scrap from Russia and Ukraine has been sold to Turkey recently at $470-478/mt CFR. The workable levels for the same grade from Romania and the Adriatic region are considered to be $445-450/mt CFR, $5/mt lower than the previous level.
Apart from the relatively lively week on the deep sea side, market players state that the short sea scrap segment is still struggling. Amid the lack of ships and high freight rates, sellers have been trying to increase their offers to Turkey and to close deals at higher levels, but have not succeeded in doing so. Ahead of the holidays in Turkey starting on July 15, some market players believe that short sea scrap prices will not be able to move up in the coming period. Although sentiment in Turkey’s short sea scrap segment is negative, no one is expecting a sharp fall in quotations either.
