Another ex-Murmansk deal has been closed today, May 12, with some slightly older bookings being disclosed to the market as well.
SteelOrbis has learned that the deal from Murmansk was done by an Iskenderun-based mill today, for 18,000 mt of HMS I/II 95:5 scrap at $510/mt CFR, for June shipment. According to market players, this indicates $502/mt CFR for benchmark HMS I/II 80:20 scrap and is $2/mt higher than the other deal done from St. Petersburg just hours ago.
Also, three Baltic deals which are slightly older than the ones disclosed today have been shared with the market. An Izmir-based producer has concluded those deals, in the first two bookings HMS I/II 80:20 scrap prices were standing at $490/mt CFR and $496.5/mt CFR. In the third one the cargo was consisting of HMS I/II 80:20 at $494.5/mt CFR and bonus grade scrap at $504.5/mt CFR. These levels are not indicative anymore as the two Baltic deals disclosed today have signaled for higher levels.
As SteelOrbis mentioned in its previous report, price levels above $500/mt CFR were last seen in 2011. The market is expecting to see the levels in the next round, with expectations at $505-510/mt CFR Turkey.