Business activity in Turkey’s short sea scrap market remains rather high with new deals closed with a slight price increase. While suppliers from the Adriatic region and Romania were not willing to sell below $240/mt CFR, they have recently sold a total of 15,000 mt of HMS I/II 80:20 to the Marmara and Izmir regions of Turkey at $237-238/mt CFR. With these sales, the benchmark price has moved up by $3-5/mt over the past week. The cargoes will be shipped in November. Currently, suppliers of scrap of the mentioned origins are not ready to sell below $240/mt CFR.
According to market sources, a total of 10,000 mt of short sea scrap were sold from Russia to Turkey last week. As of now, the sellers are not voicing solid offers; however, the level of A3 grade is estimated at $240-245/mt CFR, while deals for prompt cargoes may be closed at the lower end of the range, market sources believe.
Short sea prices might be revised upwards in the near future, especially if deep sea sellers are able to get deals close to their targeted levels of $250/mt CFR and above for HMS I/II 80:20, SteelOrbis understands.