Following the transaction shared by SteelOrbis earlier today, January 6, another ex-US scrap booking has been disclosed to the market at higher price levels.
SteelOrbis has learned that an Iskenderun-based mill has bought the cargo consisting of 26,000 mt of HMS I/II 85:15 scrap standing at $472/mt CFR and 4,000 mt of P&S grade at $487/mt CFR, for February shipment. According to this information, the HMS I/II 80:20 scrap price is estimated to be in the range of $467-468/mt CFR Turkey, increasing from the $463.5/mt CFR recorded earlier today.
As a result, the mood in Turkey’s import market has strengthened. Sellers are not in a rush to give offers to Turkey since they expect prices to move up in line with the ex-US bookings. European sellers believe that $460-465/mt CFR can be achieved in the coming round of bookings. A Baltic-based supplier stated that offers from the region to Turkey will surely increase “maybe to $475-480s/mt CFR but whether Turkish mills would accept these levels remains to be seen”. Nevertheless, sellers’ expectations will be revised upwards after the US booking in question.
Meanwhile, workable levels for short sea HMS I/II 80:20 scrap from Romania and the Adriatic region are now considered to be at $435-440/mt CFR. Short sea suppliers are also waiting to see the impact of this rise in prices, and so the number of offers to Turkey is on the low side. On the other hand, demand for short sea scrap is also accelerating, SteelOrbis understands.
