Turkish buyers still cautious about booking ex-Black Sea scrap

According to market sources, Russian A3 grade scrap offers to Turkey have declined by $20-25/mt over the past two weeks and have settled at $293-295/mt CFR Marmara and at $295-300/mt CFR Nemrut. This week's Romanian A3 scrap offers to Turkey stand in the range of $295-300/mt CFR Nemrut, declining by the same amount over the given period. Meanwhile, the latest Romanian scrap booking by a Turkish buyer has been concluded at $295/mt CFR Nemrut, while the most recent ex-Bulgaria scrap deal by a Turkish buyer has been transacted at $285/mt Nemrut.
 
The sharp declines recorded in deep sea scrap prices have caused Black Sea scrap suppliers to continuously revise their prices. Import scrap prices in Turkey are expected to trend down in the coming period. Thus, Turkish scrap buyers have remained cautious as regards purchases of ex-Black Sea scrap and so only a few ex-Black Sea scrap deals have been heard recently in Turkey. Turkish steelmakers are waiting for more satisfactory discounts in Black Sea scrap prices before they start new purchases.