Turkey continues to buy deep sea scrap, several deals done at significantly higher levels

Friday, 08 July 2022 13:59:55 (GMT+3)   |   Istanbul
       

Several deals have been disclosed to Turkey’s import scrap market today, July 8, some believed to be done earlier this week, all indicating a sharp price increase. SteelOrbis hears that most cargoes are bought to be shipped in the first half of August. According to a scrap supplier, “With this recent round, Turkish mills have reduced the purchase pressure for quick shipments. We can hear more deals today ahead of the holiday, sellers are willing to sell, also due to the higher levels achieved.” After the holiday, most producers will start seeking for shipments for the second half of August, which may end in a sideways movement. Feast of Sacrifice holiday started today in Turkey and will end on July 12. But since there is another holiday on July 15, the week will be short with most players out of the market.

SteelOrbis has learned that an ex-US scrap booking was done by a Black Sea-based producer for 13,000 mt of HMS I/II 80:20 scrap at $410/mt CFR, 10,000 mt of shredded scrap at $430/mt CFR and 7,000 mt of bonus grade scrap at $430/mt CFR. This level is $30/mt higher than the previous levels.

Another ex-US scrap deal is rumoured to be done by a Marmara-based steelmaker with HMS I/II 80:20 scrap standing at $408/mt CFR. This deal is believed to be the first one amongst the ex-US bookings.

The same steel mill has concluded a booking from Sweden and the HMS I/II 80:20 scrap price is at $407/mt CFR, $32/mt higher than the previous estimation for ex-Baltic quotations.

Additionally, two ex-EU transactions have been disclosed to the market. The first one is done from the UK to another Marmara-based producer. The cargo consists 6,000 mt of HMS I/II 80:20 scrap $397/mt CFR and 18,000 mt of shredded scrap $422/mt CFR.

Finally, an ex-Germany deal is done by an Iskenderun-based mill with HMS I/II 80:20 scrap standing at $406/mt CFR. No further details have been shared about this booking, but it is believed to consist a total of 28,000 mt, 25,000 mt being HMS I/II 80:20. The deal indicates a $36/mt increase for ex-EU HMS I/II 80:20 scrap.

On the short sea segment, Romanian sellers are still quiet. The workable levels for ex-Romania HMS I/II 80:20 scrap are believed to be $385-390/mt CFR, $30-35/mt higher than the previous levels. There are deals from Adriatic closed at $390/mt CFR and from Italy at $395/mt CFR, both for HMS I/II 80:20 scrap.


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