Having indicated a significant drop yesterday, November 20, Turkey’s deep sea scrap market has continued its sharp downtrend in a new ex-Baltic booking.
SteelOrbis has learned that a Marmara-based producer has concluded the deal in question for ex-Sweden HMS I/II 80:20 scrap at $345/mt CFR, with shredded and bonus grades at $365/mt CFR. It has been confirmed that the cargo has hardly any HMS but is mainly composed of higher scrap grades. While not confirmed by the parties involved, some sources reported that the HMS I/II 80:20 scrap tonnage was only 2,000 mt out of a total of 30,000 mt. After the drop observed in Turkey’s deep sea scrap market, SteelOrbis’ reference price for ex-Baltic HMS I/II was estimated to have settled at $348-350/mt CFR. Today, the reference price has dropped to $345/mt CFR.
As of today, a Belgium scrap exporter’s bids for scrap collection are at around €280/mt DAP, market sources report, while no lower level has been heard yet at EU-based export yards. Most market sources have negative expectations for the rest of the year and for the first quarter of the coming year. Uncertainties have increased in the international steel and scrap markets after the US presidential elections and due to the industrial slowdown in the EU. The situation in alternative scrap markets is also negative. Sentiment continues to be cautious in Bangladesh’s import scrap market due to the price declines reported this week, with many buyers staying on the sidelines amid expectations of further price falls. While offers for import scrap have been showing a slight downward bias, the import scrap market in Pakistan has seen a hesitant approach to buying, largely influenced by sluggish rebar demand and the persistent smoggy weather conditions. Import scrap prices in India have softened in the past week with buyers staying on the sidelines owing to a combination of sufficient inventories of raw material and finished steel and the sharp depreciation of the Indian currency increasing the landed price of imports.
