Turkey’s import scrap prices are still giving off positive vibes, rising once again in an older deal from last week. SteelOrbis hears that demand continues to be seen for cargoes to be shipped in late March and the number of offers in the market is not on the low side.
SteelOrbis has learned that an ex-UK deal was done by an Izmir-based producer on Thursday last week for HMS I/II 80:20 scrap at $356.5/mt CFR. This price is $1.5/mt higher than the previous ex-Europe price, indicating that some Turkish mills are ready to accept an increase in price.
The upward push in the local US scrap market is helping the positive sentiment in the market. March scrap pricing in the US Midwest is seen up between $30-40/gt ($30-41/mt) from February settled prices as inventories continue to be reported at low levels at both mills and suppliers, though a few contacts predict some sales could be done at as high as $80/gt ($81/mt) above February settled prices as continued cold weather and equipment-related problems continue to impede the processing and delivery of local scrap, market insiders told SteelOrbis this week. In Germany, both in the northern and in the eastern part of the country, scrap purchase prices from mills are up €5-10/mt, whereas in the southwest there were higher increases, by €10/mt and more, probably due to the influence of neighboring countries - France and Luxembourg - that registered a €10-20/mt rise in monthly negotiations. Meanwhile, the local Turkish rebar market is following diverse trends, as SteelOrbis reported today, February 24. Turkish domestic rebar spot prices have risen by TRY 200-300/mt ($2-5/mt) in the Karabuk and Iskenderun regions against the backdrop of ongoing currency fluctuations and the relatively positive sentiment in the import scrap segment, while prices have remained stable in the local currency in the rest of the country, with minor changes on US dollar basis, compared to Thursday, February 20.