Two deals from last week have been disclosed to the market today, August 10, indicating a sideways movement in prices.
An Izmir-based mill concluded an ex-US booking on Friday, August 7, for HMS I/II 80:20 scrap at $285/mt CFR, shredded scrap at $290/mt CFR and bonus grade scrap at $295/mt CFR, for September shipment. The previously reported price level was also at $285/mt CFR in an ex-US deal also concluded on Friday.
Meanwhile, a Marmara-based steelmaker concluded an ex-Baltic deal from Sweden on the same date for HMS I/II 80:20 scrap at $285/mt CFR, shredded scrap at $290/mt CFR and bonus grade scrap at $295/mt CFR. The prices in question were also in line with the quotations recorded in the previous booking from the Baltic region from last week.
Some market sources state that sentiment in the deep sea scrap market is positive, while some believe that the market is likely to move sideways for some time since mills have taken a step back following their purchases last week. On the other hand, demand in the local long steel market is slower due to the sharp depreciation of the Turkish lira against the US dollar during the past week, though players report that it is currently the construction season in Turkey and that demand will recover after the market adjusts itself to the new exchange rate.