Towards the end of last week, a Canadian mixed scrap cargo, composed of HMS I/II 90:10, shredded scrap and P&S scrap had been offered to Turkish mills at $465/mt CFR. Believing that prices would move down after a couple of silent days Turkish mills showed no interest in this offer. However, when these producers returned back to the market before the Christmas holiday, the supplier had already pulled back its offer. In Turkish mills' ex-US scrap bookings, price of HMS I/II 80:20 was at $460/mt CFR, while the price of shredded scrap was at $465/mt CFR. In the meantime, transaction prices of ex-UK HMS I/II 80:20 scrap stood at $455/mt CFR.
It is thought that Turkish mills would seek to continue their scrap bookings this week, once suppliers return from the Christmas holiday.