Negative sentiment has strengthened in Turkey’s import scrap market, following a rather long period of silence from the mills’ side. This week, an ex-US sale for HMS I/II 90:10 at $275/mt CFR was rumoured in the market and was denied by many sources. Still price expectations have weakened and currently buyers’ targeted prices are below $270/mt CFR for HMS I/II 80:20. “Once the price is out, then it becomes the market level even if a deal has not been done,” a source said.
In particular, the expectation for deals for ex-US and ex-Baltic HMS I/II 80:20 is $260-265/mt CFR, and at around $257-260/mt CFR from the EU. Sources say a lot of cargoes have been sold quietly this week and will be disclosed shortly. Given current negative expectations, SteelOrbis has dropped its daily HMS I/II 80:20 price to $270-275/mt CFR from $277/mt CFR earlier.