According to market sources, this week's Russian A3 scrap offers to Turkey are standing at $320-323/mt CFR Marmara and at $323-325/mt CFR Nemrut, down by $15-20/mt as compared to two weeks ago. Meanwhile, Romanian A3 scrap prices for Turkish customers can be found at $315-318/mt CFR Nemrut, indicating a decline by the same amount over the past two weeks. In addition, ex-Ukraine scrap offers for the same destination vary at $315-317/mt CFR Nemrut. Market sources confirm that the latest Romanian A3 scrap deals have been concluded in Turkey at the price level of $315/mt CFR Nemrut, while the most recent Russian scrap bookings have been concluded by Turkish buyers at $320-322/mt CFR Marmara.
In the past two weeks, the ongoing declines seen in ex-deep sea scrap prices have exerted some pressure on Black Sea scrap suppliers. Even though it is believed that Turkish steelmakers have to book import scrap to maintain their production operations, Turkish mills are not in a hurry to conclude new scrap purchases due to the ongoing unfavorable situation as regards Turkey's finished steel exports. Thus, only a few scrap transactions have been heard in Turkey from the Black Sea region recently. As import scrap quotations are expected to slide down further, most Turkish producers prefer to postpone their bookings from the Black Sea region until they obtain good price levels for bookings or they just conclude transactions for small volumes.