With an ex-Denmark deal done by a steel producer in the Black Sea region of Turkey, ex-Baltic scrap prices in Turkey have stabilized. Market sources believe that the uptrend of deep sea scrap prices for Turkey has reached to its peak after consecutive bookings done over the past ten days.
The deal in question was closed for HMS 80:20 scrap at $353.5/mt CFR, while the prices for shredded, bonus and P&S grades are expected to be around $373.5/mt CFR or higher. The price is the same as that in an ex-Sweden transaction done earlier this week. As a result, ex-Baltic HMS I/II 80:20 scrap prices are currently in the range of $350-353.5/mt CFR.
Turkey has concluded a high number of scrap deals for December shipment, with new deals showing a sideways tendency, losing their upward momentum. While some sellers are still hopeful of a slight increase, others disagree, saying it is time to close sales for this delivery term and get ready for the holidays. “We can see clearly when prices are rising. If our phones are ringing and people are asking for cargoes, we can be sure the price is rising. Currently, this is not the case,” an ex-Baltic scrap supplier commented today, November 11.
