Following the silent week, an US scrap deal has been disclosed to the market, though some market players believe that it was done last week.
SteelOrbis has learned that an İzmir-based mill has concluded this transaction for shredded scrap at $258/mt CFR and bonus grade scrap at $263/mt CFR. The information in questions indicates that ex-US HMS I/II 80:20 scrap price was at $253/mt CFR, which is $5.5-6/mt lower than SteelOrbis’ daily prices for this grade.
Currently, there are US suppliers in the Turkish import scrap market seeking to conclude new sales, with their offers being in the range of $255-260/mt CFR, according to market sources. Meanwhile, price ideas of Baltic-based suppliers are currently higher than $260/mt CFR. Also, Turkish mills have restarted price inquiries and are more willing to conclude new deep sea and short sea bookings. The sales in the local Turkish finished steel market has positively changed the market’s mood as well as the rebar export cargoes sold to Ethiopia and Hong Kong. China’s interest in billet purchases is also attracting attention. As SteelOrbis reported earlier, Chinese buyers have bought up to 125,000 mt of billet from Southeast Asia since last week. Acceleration of Chinese import billet market has been attracting CIS-based exporters, sales to China might support FOB Black Sea prices.