Scrap markets continue to rise

The long-standing increase trend observed in the scrap markets has seen further unrelenting upward movement since last week. Record levels are heard in the offers and bookings from the Black Sea, Europe and the US. Following the increase in US auto bundle prices last week, expectations have emerged that bundle prices in the local US market will reach $360-390/ton levels. After last week's increase, shredded scrap buyers in the local US market had to raise their price indications to a minimum level of $360/ton. This climb in US domestic market scrap prices is expected to show its impact in export prices within the next few months. In line with all these developments and as per the latest information received, the price levels in the offers given to Turkey and in some of the bookings concluded for shipment to Turkey are as follows:

Shredded scrap ex-deep sea        : $370/mt CFR 
HMS I/II 80:20 ex-deep sea        : $360/mt CFR 
HMS I/II 70:30 ex-deep sea        : $345/mt CFR 
HMS I/II 60:40 ex-deep sea        : $340/mt CFR 
A3 scrap ex-Black Sea             : $350-355/mt CFR