In line with the positive expectations on the deep sea side, short sea scrap market also anticipates a price rise next week.
SteelOrbis has learned that recently HMS I/II 80:20 scrap from Bulgaria and Romania to Turkey’s Marmara and İzmir regions has been sold at $400/mt CFR. Market players state that there are price inquiries coming from Turkish producers, though sellers are monitoring the market closely as they wait for next week due to their expectations of higher quotations.
Meanwhile, Russian suppliers are offering higher levels to Turkey for HMS I/II 90:10, aiming for prices above the level of $410/mt CFR Turkey. The local demand in the Russian scrap market is strong, one market player stated, while recalling the duties imposed on scrap exports, adding that these two factors have separated Russian scrap quotations from the traditional short sea price trend.
Cypriot and Israeli suppliers, in the meantime, have stated that they have had offers for the HMS I/II 75:25 scrap at $390-395/mt CIF Iskenderun this week, but no deals have been concluded at those levels. One seller stated that they are in no rush to conclude new bookings, and instead they are focusing on deliveries of previous orders. Particularly, suppliers in Israel are in wait-and-see mode, according to market sources. The new levels for the grade in question are expected to be around $400/mt CIF Iskenderun next week. Taking into consideration the estimated price of $430/mt CFR for deep sea HMS I/II 80:20 scrap, $395-400/mt CIF Iskenderun is believed to be achievable by Cypriot and Israeli sellers.