As Turkey continues to conclude sporadic deals for import scrap for January shipment, deep sea scrap prices have remained stable.
An ex-UK booking was done by a Marmara-based Turkish steel producer early last week for HMS I/II 80:20 scrap at $356/mt CFR, which still indicates that the price of ex-UK HMS I/II 80:20 scrap is at around $360/mt CFR. Since this deal is an old one, it cannot be considered as a reference for this week’s deep sea scrap prices.
As the standstill in Turkey’s import scrap market continues with Turkish mills resisting higher levels, prices may move sideways in the coming days. Some sellers believe that Turkey will start to buy cargoes for February shipment before the holidays start, though adding that this will push prices up slightly towards $370/mt CFR. A European scrap seller said that any steel producer which needs scrap right now is facing the risk of missing the delivery term for January or will have to accept a slight increase. “When they start looking for cargoes for February shipment in addition to these, they will provide some support for prices,” a scrap seller said. The European scrap market started to move up by €5-10/mt in December, while the local US scrap market remained firm and increased too, providing some support for the suppliers that are offering cargoes to Turkey.
