Scrap prices climb higher as Turkish mills conclude new bookings

Import scrap prices in Turkey have increased further in line with Turkish mills' new purchases. The tight availability of ex-deep sea scrap offers is causing Turkish steel producers to accept available offers in the market.
 
In new scrap transactions ex-Europe, the price of ex-Sweden HMS I/II 80:20 stood at $448/mt CFR, while the price of shredded scrap was at $453/mt CFR, both for the Turkish market. In the meantime, in another ex-Europe scrap transaction to Turkey, the price of HMS I/II 75:25 has increased from last week's price level of $425/mt CFR to $439.5/mt CFR. In an ex-UK scrap booking in Turkey, the price of HMS I/II 80:20 has reached $445/mt CFR this week, rising from $436/mt CFR last week.
 
Scrap prices continue to rise on the back of the strong booking activity of Turkish mills, who are witnessing increases in the finished steel markets and are seeking to complete their scrap transactions before the Christmas and New Year holidays. In the meantime, the weakening of the euro against the US dollar has not affected scrap prices so far.