Witnessing stagnancy in their finished steel sales this week, Turkish mills have slowed down their scrap purchases as well. No new scrap transaction by Turkish mills has been heard so far, as they are expecting a softening in scrap prices. Furthermore, some Turkish mills have already started to slowly push down their domestic scrap purchase prices.
In Turkish mills' latest ex-US scrap bookings last week, the transaction price of HMS I/II 80:20 was at $410/mt CFR, while the price of shredded scrap was standing at $415/mt CFR and the P&S scrap price was at $420/mt CFR. As regards the current week, it is believed that the prices which Turkish mills might accept would be lower than the above price levels.
Moving to the Black Sea market, last week Turkish mills concluded some ex-Romania A3 scrap transactions at $383-387/mt CFR, while the transaction price for ex-Russia A3 scrap was at $390-395/mt CFR. This week, scrap collection prices in Romania are standing at $355/mt, while offers to Turkey for ex-Romania A3 scrap are at about $390/mt CFR. In the meantime, new offers for ex-Russia A3 scrap to Turkey are standing at $395-400/mt CFR.