With the latest ex-Baltic scrap deal, it is observed that Turkey has started to purchase cargoes for July shipment.
SteelOrbis has learned that an Iskenderun-based Turkish mill has concluded an ex-Baltic deal for HMS I/II 80:20 scrap at $253/mt CFR, shredded scrap at $258/mt CFR and bonus grade scrap at $263/mt CFR, for early July shipment. The total tonnage of the cargo is 25,000 mt. As a result, the ex-Baltic HMS I/II 80:20 scrap price has moved up slightly from the level of $252/mt CFR reported earlier today by SteelOrbis, though the change is not significant.
As mentioned before, some market sources state that the market is almost in equilibrium. The general opinion in the market is that prices will remain firm at their current levels for some time, with the potential to fluctuate within a narrow range. While the plans to ease the preventive measures against the Covid-19 coronavirus are considered to be positive, the view that various countries may maintain protectionist policies in the shape of antidumping or safeguard investigations has become widely accepted in the international arena due to the negative economic outcome of the pandemic.