As SteelOrbis subscribers will remember, it was mentioned in our market analysis dated March 4 that Turkish scrap prices were in for further increases and were expected to reach new previously unheard-of levels. Since then, prices have kept soaring and have hit a new all-time record high.
SteelOrbis has been informed that a Turkish steelmaker has concluded a scrap booking ex-Denmark at the level of $505/mt CIF Iskenderun for April shipment. The cargo is composed of 7,000 mts of bonus grade scrap, 8,000 mts of busheling scrap and 17,500 mts of shredded scrap. The booking is remarkable as the price level has broken through the barrier of $500/mt CIF.