Turkish steel producers have continued to place orders for scrap this week, though sellers have refrained from actively offering scrap, mainly because they expect scrap prices to firm up further. In addition, scrap suppliers from the EU and the US are focusing on collection in order to meet previous contracts. Although scrap offers are scarce, the HMS I/II 80:20 price from the US is estimated at $260/mt CFR and above, versus $252/mt CFR fixed in the latest deal. Ex-EU price indications are reported at $250-255/mt CFR for the same grade, up from $248/mt CFR in this week’s sales. Ex-Baltic region prices are estimated by market sources at $255-260/mt CFR for HMS I/II 80:20.
In the meantime, Turkish demand for short sea cargoes remains high, though again sellers prefer to maintain a wait-and-see stance. Indications for Romanian HMS I/II 80:20 are above $245/mt CFR, while the scrap price from the Adriatic Sea is estimated at $242-245/mt CFR this week. Russian sellers are currently said to be out of the market. Earlier this week, HMS I/II 75:25 offers from Israel were reported at $226-227/mt CFR for early November shipment.