As the uptrend in Turkey’s import scrap market continues, two ex-US scrap bookings have been disclosed to the market today, February 24.
SteelOrbis has learned that a Marmara-based Turkish steelmaker has concluded both transactions. The first one, believed to have been closed earlier this week, consists of HMS I/II 80:20 scrap at $443/mt CFR and shredded scrap at $453/mt CFR.
The second deal consists of HMS I/II 80:20 scrap at $447/mt CFR and shredded scrap at $457/mt CFR. For now, no further details have been disclosed about these transactions. Prior to these developments and following the ex-Baltic booking closed at $445/mt CFR Turkey for prime grade, SteelOrbis’ estimation for the US origin HMS I/II 80:20 scrap price was in the range of $445-450/mt CFR.
Meanwhile, short sea scrap prices in Turkey are reportedly in the range of $425-430/mt CFR Turkey, increasing in line with the rises observed on the deep sea segment.
Following the above deals, most market sources state that deep sea prime grade scrap offers to Turkey are at $455/mt CFR and above, while some market sources state that they are now at $460-465/mt CFR. The positive sentiment in Turkey’s import scrap market continues as there are many rumors about further rebar export sales at good price levels. Although these rumors have not been confirmed by the time of publication, they provide support for the scrap market trend. Additionally, market sources state that demand received from foreign buyers is good and SteelOrbis has learned that some mills have failed to negotiate with Israeli buyers for rebar due to their already-full order books. Also, Turkish mills are relaxed in terms of local rebar sales, according to market sources, who add that, after increasing their domestic rebar quotations today to compensate for the depreciation of the Turkish lira against the US dollar, Turkish producers have started to close their domestic rebar sales one after another.