Lately no ex-Europe scrap offer has been heard, while the further weakening of the euro against the US dollar has raised expectations for a price cut in ex-Europe scrap prices.
Early this week, following an ex-Europe HMS I/II 75:25 transaction at $398/mt CFR Turkey, no new ex-Europe transaction has been reported. SteelOrbis has learned that some scrap suppliers are abstaining from sales and prefer to wait, as mixed scrap collection costs are currently high.
On the other hand, some scrap suppliers are offering HMS I/II 80:20 to Turkey at $415-420/mt CFR. However, considering last week's ex-Baltic scrap transaction price level and also this week's HMS I/II 75:25 transaction at $398/mt CFR Turkey, it is heard that Turkish mills find these price levels to be on the high side.
In the meantime, the price level of a recent ex-UK scrap booking by a Turkish producer is considered to be high by Turkish mills and market players comment that the producer's need for prompt shipment resulted in the higher price.