Scrap prices decline to levels desired by Turkish mills

Two weeks ago, the gap between scrap suppliers' price offers and Turkish mills' price expectations was quite wide and ex-Canada bookings in Turkey at $380/mt CFR had surprised many in the market. However, having decreased their price expectations further after these bookings, Turkish mills now seem to have won the battle in the scrap field, attaining prices in line with their anticipations.
 
Last week, in ex-US scrap bookings in Turkey the price of HMS I/II 80:20 was at $383/mt CFR, while the price of shredded scrap was at $388/mt CFR.
 
And today, December 11, an ex-Baltic scrap cargo, composed of 26,000 mt of A3 scrap, 15,000 mt shredded scrap and some P&S scrap has been purchased by a Turkish mill at $390/mt CFR.
 
After these latest bookings, it is thought that Turkish mills' price idea for ex-US HMS I/II 80:20 will not exceed levels of $380-385/mt CFR.