Recent scrap offers to Turkey appear stable
SteelOrbis has been informed that a Turkish mill has booked a HMS I/II (80:20) grade scrap cargo ex-US at $218/mt CFR. No price drop in the short term is expected in the market, as prices appear to be staying in the $215-220/mt CFR price range in the US, EU and Black Sea region. If Black Sea freights strengthen, the scrap price to Turkey on CFR basis may increase, which would result in buyers shifting their focus to the US and Europe for supply. In such a scenario, scrap prices from those origins may increase as well, possibly leading to an imbalance in raw material and product prices.