The number of deep sea cargoes bought by Turkey for August shipment is rising. Relatively older deals have surfaced in the market, showing an increase in prices, supporting the sentiment that prices have some upward room.
An ex-France deal closed over the weekend was done by a Marmara-based steel producer for HMS I/II 80:20 scrap at $342.5/mt CFR, with shredded and bonus grade scrap at $362.5/mt CFR, for August shipment. The cargo carries 25,000 mt of scrap. This price is $2/mt higher than the previously reported ex-UK cargo, pushing SteelOrbis’ reference prices for ex-UK/EU HMS I/II 80:20 scrap to $340.5-342.5/mt CFR.
Another deal reported to have been done from Murmansk was closed by an Izmir-based steel producer for bonus grade scrap at $364/mt CFR, indicating that ex-Baltic HMS I/II 80:20 scrap prices are now at around $344/mt CFR, $1/mt higher than the previous deal.
Due to the recent upward push observed in the EU and Baltic segments, SteelOrbis has revised its ex-US scrap price up by $2/mt to $347/mt CFR. On the other hand, ex-US scrap offers stand at $350/mt CFR and slightly above, while ex-Baltic offers are at around $343-345/mt CFR. Turkish mills have been showing greater activity this month and have concluded the first round of their deep sea scrap purchases. In the coming round, the price is expected to move up slightly, though no one expects it to surge. Turkish mills’ profits have been tight since the beginning of 2025, while the domestic market in particular is underperforming. Each effort to increase domestic rebar prices has failed and made Turkish mills more cautious. While they need a lot of scrap for August shipment if they do not cut capacity utilization rates, they are also monitoring the billet market closely. However, neither delivery times nor current prices for billet have been found attractive by Turkish mills yet. The sinking of a vessel in the Red Sea has not helped the situation either, causing additional costs for insurance. The situation on the scrap collection side or the euro-dollar exchange rate have not changed, leading suppliers to keep their offers to Turkey firm. As a result, a slight upward movement in Turkey’s import scrap market is expected to continue in the coming week.