An ex-Finland scrap transaction disclosed to the market late yesterday, July 6, indicates an increase in deep sea prices for Turkey.
SteelOrbis has learned that a Marmara-based Turkish mill concluded the ex-Finland deal in question for 15,000 mt of HMS I/II 80:20 scrap at $500/mt CFR, 9,000 mt of shredded scrap at $515/mt CFR and 4,000 mt of bonus grade scrap at $515/mt CFR, for August shipment. The previous ex-St. Petersburg deal done in Turkey was closed at $495/mt CFR for benchmark HMS I/II 80:20 scrap and disclosed to the market on July 1.
SteelOrbis observes that there are several sellers in Turkey’s import scrap market seeking to conclude sales. It is noteworthy that US-based sellers are back in the market, along with offers from the Baltic region. SteelOrbis has also been informed that three major Turkish mills are in the market seeking cargoes. As price inquiries continue to be made, market players state that Turkish mills are still not in a rush to purchase deep sea scrap cargoes. While rebar purchases in the local Turkish market are considered to be positive developments by some, others think that this is just restocking by traders and is normal after the long-standing silence in the market. While many consider that deep sea scrap prices are standing firm, some still expect prices to decrease to $490/mt CFR.
