Turkish steel producers have started to book scrap as expected, but the decline in prices exceeded anticipations, surprising many in the market.
Accordingly, SteelOrbis has been informed that two Turkish mills have concluded bookings for two ex-Canada scrap cargoes, each composed of 20,000 mt of HMS I scrap, 20,000 mt of shredded scrap and 10,000 mt of P&S scrap at the price level of $447.5/mt CFR.
SteelOrbis has further learned that a Turkish mill has concluded a booking of an ex-UK cargo consisting of bonus grade scrap at $461/mt CFR.
On the other hand, a Turkish mill has concluded a booking for an ex-Baltic region scrap cargo of 41,000 mt at $447/mt CFR. Half of the total volume consists of shredded scrap and the other half consists of A3 scrap, of which 30 percent is bonus grade scrap.