Following the recent ex-US booking concluded to Turkey, another deal has been booked from the EU by a Turkish buyer.
SteelOrbis has learned that a Marmara-based producer has concluded a transaction from Amsterdam, for 20,000-25,000 mt of HMS I/II 75:25 scrap at around $487/mt CFR. According to the information, market players estimate ex-EU HMS I/II 80:20 scrap prices at around $494-495/mt CFR. Prior to this deal, SteelOrbis’ daily prices for ex-EU HMS I/II 80:20 were in the range of $490-495/mt CFR Turkey.
Due to the October 29 Republic Day holiday, the Turkish steel and scrap markets will be very quiet for the rest of the week. While Turkish flat steel producers are better positioned than local rebar producers, the recent fluctuation of the exchange rate has not helped the longs segment. Traders have maintained a wait-and-see stance, while some have decided to lower their inventories to protect themselves against currency risks. However, Turkish buyers still need many cargoes for December shipments, and some market players think that they will not choose to wait so long that they will end up needing cargoes for prompt shipment. “40 days was previously the average, then we increased it to 60 days. We can decrease our delivery period to 40 days again, but not lower than that,” one producer stated.