An Iskenderun region-based steel producer in Turkey reportedly booked a scrap cargo from the US at the end of last week. The lot contains full shredded and bonus scrap at a price of $395/mt CFR and is for August shipment. According to sources, the HMS I/II 80:20 scrap grade is estimated at around $375/mt CFR which is $2.5/mt down from the previous price level.
With this deal, the SteelOrbis daily reference price for ex-EU ferrous HMS I/II 80:20 import scrap to Turkey has declined to $370-373/mt CFR from $377/mt CFR, set earlier.
Sources say they believe the mood is mainly pessimistic in the import scrap market of Turkey, taking into account the sliding billet and rebar prices. “Mills need to buy for August but they have time at least for now,” a trader said. The latest billet workable prices have been reported at $503-505/mt CFR as for the late Friday levels, while $500/mt CFR and below levels are expected to be seen quite soon. Export rebar is considered to be solidly at $600/mt FOB and a bit above, while the one of the mills has dropped the domestic rebar offer level to as low as $585/mt ex-works versus the other producers offerings at $600-625/mt ex-works.
In the short sea scrap segment, the currently discussed level for HMS I/II 80:20 is at $347-350/mt CFR, in line with end of the past week.