Turkey’s import scrap market is observed to have made a quiet start to the current week, as had been expected. Although some price levels have been voiced by market sources, Turkish mills have taken a step back from concluding purchases.
SteelOrbis has learned that suppliers’ prices ideas in the US for HMS I/II 80:20 scrap are still at around $260/mt CFR Turkey, while European buyers are unwilling to cut their prices below $250/mt CFR for the same grade. From the Baltic region, HMS I/II 80:20 scrap offers are in the range of $260-263/mt CFR, while ex-UK HMS I/I 80:20 scrap offers are at around $258-259/mt CFR Turkey. It is heard that a cargo from Canada has been offered at the average price of $264/mt CFR. The general opinion in the market is that prime grade scrap prices will remain in the range of $250-260/mt CFR until Turkish mills restart purchases.
Sellers’ price ideas for HMS I/II 80:20 scrap from Romania and the Adriatic region are at around $250/mt CFR and they also do not want to reduce their prices below this level, market sources state. There are no offers from Russian suppliers at the moment. SteelOrbis has learned that short sea suppliers would like to see a deep sea scrap deal before making another move.
From Cyprus and Israel, offers to Turkey for HMS I/II 75:25 scrap remain at around $240/mt CIF Iskenderun, while buyers’ bids are at $230-235/mt CIF, according to market sources, who added that these suppliers are unwilling to cut their offers before the bigger players do.
Turkey’s import scrap market is waiting to see whether the sellers who have left the market will return or whether the Turkish mills will restart purchases before these sellers return. Meanwhile, market sources state that Egypt is still in the market seeking to purchase scrap cargoes.
