Ex-Europe scrap prices have continued to trend downward. In the past week, two scrap bookings have been concluded in Turkey from Europe. Accordingly, the first deal consisting of HMS I/II 70:30 was concluded at $330/mt CFR, while the other transaction for HMS I/II 70:30 scrap and bonus grade scrap was concluded at $335/mt CFR. Given the increased number of offers from Europe to Turkey, Turkish steelmakers have been stepping up their negotiations with scrap suppliers for reductions in prices.
On the other hand, ex-Black Sea A3 scrap offers are given to Turkey at $345-350/mt CFR, while Romanian A3 scrap offers for Turkey can be found at $343-350/mt CFR. Import scrap prices have generally been trending downward and the sluggishness in the finished steel market has been negatively impacting buying activity in the scrap market. In addition, anticipations of further declines in import scrap prices have caused Turkish buyers to be more cautious in their scrap bookings.