Following the deals SteelOrbis reported earlier today, October 15, another ex-EU scrap deal has been disclosed to the market.
SteelOrbis has learned that the deal in question was concluded from Germany by a Marmara-based Turkish mill for 21,000 mt of HMS I/II 80:20 scrap at $487/mt CFR and for 4,000 mt of shredded scrap at $507/mt CFR. The cargo will be shipped in late December. The benchmark HMS I/II 80:20 scrap prices were previously estimated in the range of $485-490/mt CFR Turkey.
Talk of deep sea scrap prices moving towards the psychological threshold of $500/mt CFR has become more widespread in Turkey. Many market players think that this level may be exceeded in the coming week. A European seller stated that 70-75 percent of this price increase was gone to higher freight costs, while the remaining 20-25 percent is due to the higher collection costs.