The Turkish import scrap market has started the current week with new bookings. With the transaction of a Turkish mill for an ex-US cargo composed of HMS I/II 90:10 and bonus grade scrap at an average price level of $345/mt CFR, expectations that the scrap price downtrend will slow down have turned to be wrong. Moreover, SteelOrbis has heard from market sources today, June 4, that a Turkish mill has bought an ex-US HMS I/II 80:20 cargo at $344/mt CFR. According to SteelOrbis Steel Reference Prices, Turkish mills' HMS I/II 80:20 scrap purchase prices have thus declined by about $10-15/mt since last week.
Ex-western Europe scrap offers to Turkey have continued to decline in the past week, with the latest ex-UK HMS I/II 80:20 cargo being sold to a Turkish mill at $341/mt CFR, a price $23/mt lower as compared to two weeks ago. In the meantime, SteelOrbis has learned from market sources that Turkish mills are still negotiating with scrap suppliers for further price cuts. Market players state that Turkish scrap buyers are not in a rush to conclude scrap bookings until scrap prices decline to the desired levels and that these mills are expected to continue their scrap purchases in the coming days if scrap prices fall further. In the past week, it is heard that an ex-Europe scrap cargo composed of HMS I/II 80:20 and bonus grade scrap was bought at $316/mt CFR.
Turning to the Black Sea market, ex-Romania A3 grade scrap offers to Turkey have started to hover at about $335-340/mt CFR this week.