In the current week, SteelOrbis has observed that Turkish mills are showing some interest in short sea scrap cargoes given the small lots in question, while deep sea scrap availability is limited. As a result, if mills need to restock they prefer short sea cargoes.
Some deals for small short sea tonnages have already been disclosed to the market at higher levels, but there is still a lot of speculation in the market. It is heard from some market players that the price idea for scrap from Romania and the Adriatic region has increased to around $220/mt CFR, but there are no offers from the suppliers’ side. At the beginning of the current week, an ex-Russia deal was concluded by a Marmara-based mill for approximately 3,000 mt of HMS I/II 90:10 at $224/mt CFR. A market source stated that ex-Israel HMS 75:25 scrap offers are currently at $210/mt CFR, though no Turkish mill has accepted this level, firm bids are at $195/mt CFR. SteelOrbis understands that suppliers are seeking higher prices due to the slowdown in their collection activities and their increasing collection costs. At the end of last week, SteelOrbis’ estimation for short sea scrap was at $205/mt CFR. For now, the situation remains unclear as both buyers and sellers base their decisions on their individual positions.
On the deep sea side, there are no sales and barely any offers. However, some market players, citing the limited number of short sea deals, think that deals at $220-230/mt CFR are possible on the deep sea side. As SteelOrbis reported on Monday, March 30, an ex-Sweden deal for HMS I/II 80:20 scrap to Turkey was transacted at $207/mt CFR.
