Prices stable in Turkish import scrap market

Last week, in scrap bookings concluded by some Turkish steel producers, prices remained stable as compared to previous booking price levels, without any increase or decrease. Thus, although scrap suppliers have pushed up their price offers, these increased prices have failed to gain acceptance among Turkish mills.
 
Last week, some ex-US scrap bookings were concluded in Turkey, with the HMS I/II 80:20 scrap price at $468-471/mt CFR. It is seen that this price range is very similar to the price level in transactions concluded in the second week of July, at $469/mt CFR. This week, ex-US HMS I/II 80:20 scrap offers are expected to stand at $470-475/mt CFR.
 
In the Turkish market, an ex-Europe HMS I/II 70:30 scrap transaction was concluded at $445/mt CFR last week. SteelOrbis has learned from market sources that the price of ex-Europe HMS I/II 80:20 scrap stands at $460-465/mt CFR this week.
 
In the Black Sea basin, ex-Romania and ex-Russia A3 scrap offers are higher than Turkish mills' price expectations for new bookings. Due to increased grain transportation, ship availability in this region  has significantly decreased, pushing up freight rates considerably. In Romania, scrap collection prices are now at $422-425/mt. For the Turkish market, ex-Romania and ex-Russia A3 scrap offers are at $460-465/mt CFR, while the price idea of Turkish mills for A3 scrap is below $455/mt CFR. In a recent ex-Baltic transaction, the A3 scrap price was at $469/mt CFR Turkey.
 
As forecasted by SteelOrbis in previous analyses, Turkish mills are continuing their scrap bookings within the scope of their needs. In line with inactive demand in the finished steel markets, steel producers are still abstaining from building up their scrap inventories beyond their actual needs.