During the SteelOrbis Spring 2022 Conference & 86th IREPAS Meeting held in Istanbul on May 29-31, Turkey's import scrap market decreased further and sentiment has already changed.
Steelorbis has learned that a deal from the US has been done by a Marmara-based mill for HMS I/II 80.20 scrap at $439/mt CFR and a mixture of bonus grade and shredded scrap at $454/mt CFR. Before this booking, the most recent confirmed deal from the US was closed at $460/mt CFR for HMS I/II 80.20 scrap.
Also, another deal from Belgium to the same mill has been disclosed to the market with a mixed cargo at the average price of $453/mt CFR. SteelOrbis has learned that the price of HMS I/II 80:20 scrap in this cargo is at around $439/mt CFR. Prior to this deal, ex-Europe HMS I/II 80:20 scrap prices fixed in deals were in the range of $446-455/mt CFR.
Following the disclosure of the deals in question, the mood in Turkey’s import scrap market has deteriorated. "More downward movement may be seen. We may hear several deals in the coming hours," one source commented. US-based suppliers are viewed as being aggressive in pricing and more transactions from the US in particular are expected. On the other hand, some market players think that this deal could remain an exception. "We need to wait and see the coming numbers, since the HMS I/II 80:20 scrap prices in the deals we heard are very similar," a source said.