Several deals disclosed in Turkey’s import scrap market today, April 24, all from the UK and the EU, were mostly done on Tuesday this week and are not considered to give a clear sign of recovery of prices yet.
An ex-Belgium deal was closed by an Izmir-based producer for HMS I/II 80:20 scrap at $320/mt CFR. Another ex-Netherlands deal signed by an Iskenderun-based mill was closed at $319/mt CFR. These prices are higher than the previous levels recorded yesterday from the UK and the EU, though the deals are older.
Two more rumors were heard of ex-EU bookings done by producers in Izmir and Iskenderun at $315/mt CFR. These deals were not confirmed at the time of publication, though prices are in line with yesterday's European continental prices shared by SteelOrbis.
The general sentiment in Turkey’s import scrap market is cautious. The recovery observed in Turkish mills’ steel sales on Tuesday could not be sustained after the news of lower scrap prices reported yesterday. Today, the steel market is sluggish after the earthquake which hit the Marmara region yesterday. “This may change if traders are convinced that scrap is stabilizing. The number of stressed cargoes has declined significantly this week. It is safe to say some resistance is seen on the sellers’ side now,' a European seller said.
Another source said deep sea scrap prices are close to reaching the bottom, if not yet there, commenting, “It will all depend on mills' sales. Billet has lost its attractiveness. Now prices are higher and the delivery terms are longer. Scrap at the current price range may become attractive if stability is reached.”