Following the ex-Baltic deal disclosed to the market at the weekend which pushed the benchmark HMS I/II 80:20 scrap to $419/mt CFR, an ex-Netherlands booking has indicated a new higher price.
A Marmara-based Turkish mill has concluded the ex-Rotterdam booking for HMS I/II 80:20 scrap at $421/mt CFR and bonus grade scrap at $431/mt CFR, to be shipped in the first half of February. Before this deal, SteelOrbis’ estimations for ex-EU benchmark scrap were in the range of $410-415/mt CFR Turkey.
As the positive trend of Turkey’s import scrap market continues, the ongoing silence from the US side is attracting attention. While the ex-Rotterdam deal above signals likely higher prices for the ex-US and ex-Baltic HMS I/II 80:20 scrap, the lively domestic demand in these regions and the lack of sufficient supply are the main obstacles facing Turkish buyers. Considering the approaching year-end holidays, scrap collection activities will slow further to a minimum. Also, stricter measures have been announced in European countries ahead of the holiday season. Germany has announced a full lockdown from December 16 to January 10, while the Netherlands has initiated some stricter rules starting from today until January 19. Turkey has also decided to implement a full lockdown for the New Year holiday, from late on December 31 to January 4.