Turkish import scrap market unexpectedly remains quiet again

After a few scrap purchases were concluded last week, the Turkish import scrap market was expected to see more activity this week, with anticipated new bookings by steel mills. However, this week the Turkish import scrap market has remained quiet so far.
 
As SteelOrbis previously reported, in an ex-US scrap booking last week, composed of 20,000 mt of HMS I/II 80:20 scrap, 5,000 mt of P&S scrap and 8,000 mt of shredded scrap, the transaction price was at $474/mt CFR. After this transaction, new ex-US HMS I/II 80:20 scrap offers settled at $475/mt CFR; however, no new booking has been heard since.
 
Last week, the ex-Europe HMS I/II scrap price for Turkey was at about $455-460/mt CFR. This week, however, in the only scrap booking reported, the price for 20,000 mt of HMS I/II 70:30 scrap was $435/mt CFR.
 
Ex-Black Sea A3 scrap offers are still above Turkish mills' price expectations. While the scrap collection price in Romania stands at $425/mt, A3 scrap offers from Romania to Turkey are at $460-465/mt CFR. In the meantime, ex-Russia A3 scrap offers to Turkey stand at $465/mt CFR. Last week's A3 scrap transactions from this region were concluded at $455-460/mt CFR and Turkish mills are not willing to pay more this week.
 
Since the Turkish mills have not yet satisfied their scrap needs, their retreat from purchase activity has surprised many in the market. While new scrap offers are expected from the US, with US suppliers returning to the market today, once scrap prices for July in the US domestic market become clearer, the scrap purchase strategy of Turkish mills is also foreseen to take shape and some new scrap bookings are expected eventually.