In an ex-US booking disclosed in Turkey’s import scrap market today, July 13, deep sea scrap prices have decreased significantly.
SteelOrbis has learned that the deal in question done by a Marmara-based Turkish steel producer was for HMS I/II 80:20 scrap at $485/mt CFR and shredded scrap at $500/mt CFR, for August shipment. The deal was reportedly done yesterday, July 12. Prior to this transaction, the US origin HMS I/II 80:20 scrap price was at $493/mt CFR Turkey fixed in deals, $8/mt higher than today’s price.
One market player had stated that US suppliers are more vulnerable than other suppliers amid the high number of available cargoes from the US. With the ex-US HMS I/II 80:20 scrap price decreasing to $485/mt CFR, benchmark grade scrap quotations from other regions have also moved down. The benchmark HMS I/II 80:20 scrap quotations has recorded a 3.4 percent fall month on month. Some market players believe that with so many offers in the market and the pace of the downtrend of prices, deep sea scrap quotations are bound to go down further. On the other hand, some players think that ahead of the holidays the last deals are being signed, and that the holiday will be quiet in terms of trade. With President Erdogan’s announcement late yesterday, Turkey’s Feast of Sacrifice holiday has been extended to a whole week (July 19-23), while July 15th is also a national holiday.
