Following the ex-US deal disclosed to the Turkish import scrap market yesterday, July 1, indicating a sharp fall in prices, another booking from the US has been shared today closed at higher levels.
SteelOrbis has heard that this new deal in question has been concluded for a cargo consisting of 17,000 mt of HMS I/II 80:20 scrap and 13,000 mt of shredded scrap at the average level of $262/mt CFR, for late July or early August shipment. The shipment will be made from the Port of Houston, Texas, and market sources state that materials from this region are usually priced $2/mt higher than the East coast due to higher quality. According to this information, the US originated HMS I/II 80:20 scrap prices are estimated to be at $258.5-259/mt CFR Turkey, signaling a $2.5-3/mt increase in prices.
The HMS I/II 80:20 price in the abovementioned transaction has surprised the market. On the other side, reportedly Egypt has recently bought scrap at significantly high volumes and this may have a positive impact on prime grade scrap prices in the coming period.
