Turkey’s short sea scrap prices have decreased sharply since Friday amid the negative sentiment throughout of the scrap market resulting from the silence of the mills.
SteelOrbis has learned that Turkey has bought HMS I/II 80:20 scrap from Romania and Bulgaria at around $440-445/mt CFR in the current week, while there were deals done from Ukraine for HMS I/II 85:25 scrap at around $460/mt CFR in this period. Despite the €58/mt export duty on scrap exports from Ukraine, it is known that with Turkey’s purchase prices reaching to higher levels, Ukraine has been selling scrap to Turkey for some time.
Market sources state that demand is very slow for short sea scrap and there is available tonnages in the market. It can be safely said that it is a “buyers’ market”. Although there are price inquiries done by Turkish mills, they have the power to exert pressure on quotations. According to market players, the negative sentiment and the lack of new deals on the deep sea side impacted short sea scrap prices, while they add a new deep sea booking would be determinative on the future trend of the short sea scrap. Meanwhile, SteelOrbis observes that there is a shortage on the ship availability, causing higher freight numbers. This is also putting pressure on scrap suppliers.
