Turkish mills’ scrap bookings lack momentum

The approach of Ramadan and the summer holidays, the economic crisis in Europe and, most important of all, the depressed demand levels for finished steel have practically caused the steel markets to come to a standstill.
 
In the scrap markets, in the meantime, where prices are still on a downtrend, it seems that Turkish mills are first waiting for scrap prices to reach the bottom, while the scrap inventories of these mills have also decreased to minimum levels. The Turkish mills may well not conclude any scrap bookings if they decide to suspend their production temporarily. However, if they continue their production, then they will need to book scrap with prompt shipments.
 
In the latest ex-US scrap transaction to Turkey, an integrated steel producer has bought 30,000 mt of HMS I/II 90:10 scrap at $388/mt CFR. For HMS I/II 80:20 scrap, the price idea of ex-US scrap suppliers is at $385/mt CFR, though Turkish mills are not inclined to book HMS I/II 80:20 above the price level of $380/mt CFR, market sources have told SteelOrbis.
 
On the other hand, some ex-Black Sea A3 scrap bookings from Romania to Turkey are heard to have been concluded at $360-363/mt CFR. While scrap collection prices in Romania are at about $330/mt, some scrap yards have begun to push down their prices to $315/mt.