At the end of the week, two Scandinavian bookings have been disclosed to the market, pushing regional prices up to US levels.
SteelOrbis has learned that a Marmara-based mill concluded an ex-Sweden transaction for HMS I/II 80:20 scrap at $470/mt CFR and shredded scrap at $490/mt CFR. The same mill has bought another cargo from Finland, with HMS I/II 80:20 and shredded scrap prices being at the same level as the Swedish counterpart. Before these deals, SteelOrbis’ ex-Baltic HMS I/II 80:20 scrap price was at $465-468/mt CFR, hence will be revised upwards.
These bookings are expected to support Turkey’s import scrap market in the coming week, since Baltic prices are now at a similar level with the US origin cargoes. Meanwhile, a major European scrap seller stated that their expectations of an increase in deep sea quotations has not changed as dock prices in the region have reached to €370/mt. On the other hand, some steelmakers are still strongly voicing their expectations of a downward correction.
