Several ex-US scrap deals have been heard in the Turkish market, with prices indicating sideways movement.
SteelOrbis has learned that a Marmara-based Turkish steelmaker has concluded an ex-US scrap deal for 12,000 mt of HMS I/II 80:20 scrap at $410/mt CFR, 15,000 mt of shredded scrap at $415/mt CFR and 3,000 mt of bonus grade scrap at $420/mt CFR. The cargo will be shipped in the second half of March.
Meanwhile, an Iskenderun-based mill has also concluded an ex-US booking with HMS I/II 80:20 scrap standing at $410/mt CFR, to be shipped in the first half of March. Prior to these deals, the benchmark US origin HMS I/II 80:20 scrap price was at $410/mt CFR Turkey.
Additionally, a relatively old ex-US transaction from Wednesday, February 10, has been disclosed to the market, with HMS I/II 80:20 scrap bought at $408/mt CFR.
Moreover, quotations in the local US scrap market are expected to increase in the March buy-cycle. The surplus supply in the US has been used up, according to market sources, who add that demand from domestic mills is still strong. Some market players state that the lead times for deep sea scrap for March shipment have shortened, and so mills that need scrap for this period should make a move. Next week, Turkey’s import scrap market is expected to be lively in terms of trade.
