With the new deal heard in the market today, April 14, ex-US scrap prices have increased from the previous levels recorded in deals but have remained stable as compared to SteelOrbis’ estimated price levels.
A steelmaker in Turkey’s İskenderun region has bought an ex-US cargo consisting of HMS I/II 80:20 scrap at $257/mt CFR, shredded scrap at $262/mt CFR and bonus grade scrap at $267/mt CFR, with a total tonnage of 32,000 mt to be shipped at the end of May. In the previous deal heard on April 9, ex-US HMS I/II 80:20 scrap prices were at $245/mt CFR. But since then, SteelOrbis’ estimated price levels for this grade have increased to $255-258/mt CFR. As a result, it can be said that ex-US HMS I/II 80:20 scrap quotations have remained in line with expectations.
Meanwhile, a market source has stated that the fall in oil prices as well as the lack of global trade has caused ex-US freight quotations to fall to a record low. This creates an opportunity for US scrap suppliers who have enough tonnages. SteelOrbis has also heard that there is still demand for import scrap in Turkey and that new deals are anticipated this week, though some market players report that a slowdown is also expected in demand due to the increases recorded in scrap prices recently.
