After the three deep sea scrap deals reported earlier today, September 2, another one has been disclosed to the market at higher levels.
SteelOrbis has learned that a Black Sea-based steel producer has bought an ex-Finland cargo for HMS I/II 80:20 scrap at $300/mt CFR, shredded scrap at $305/mt CFR and bonus grade scrap at $310/mt CFR, for late-September shipment.
The $300/mt CFR level was considered to be a "psychological threshold" for the Turkish mills and was not expected to be reached this quickly. However, some market sources state that the concerns of a second wave of the Covid-19 pandemic supported by the significant demand observed from China has caused prices to move up fast. Also, Turkish mills are reportedly testing the long steel market for prices at $460/mt ex-works for rebar sales. While some market players believe prices may increase further, some are cautious and state they would like to see more deals closed at this level.