The uptrend in scrap prices which began in the latter weeks of October gained momentum with the negative impact of Hurricane Sandy on the US scrap market. The scrap price increases in the US have since spread to other scrap markets, with scrap prices increasing in the Turkish domestic market today, November 7.
Although no specific ex-US scrap transaction has been heard so far in Turkey, it is thought that new HMS I/II 80:20 offers from the US will not fall below $415-420/mt CFR. Following last week's ex-Europe scrap transactions to Turkey, the price of HMS I/II 70:30 from Europe has indicated a further increase, reaching $380/mt CFR.
Ex-Black Sea A3 scrap offers to Turkey are currently standing at $395-400/mt CFR, while some ex-Russia A3 scrap transactions are heard to have been concluded at $392-398/mt CFR. Regarding the ex-Romania A3 scrap price, the price acceptable for Turkish mills is below the ex-Russia prices.