Following deals closed at $443/mt CFR and $447/mt CFR this week, two new ex-US scrap deals to Turkey have been disclosed to the market, indicating a continuation of the gradual rise in prices.
An Iskenderun-based Turkish steelmaker has concluded one of the deals for HMS I/II 80:20 scrap at $451/mt CFR, shredded scrap at $461/mt CFR and P&S grade scrap at $461/mt CFR, for March shipment.
Also, another mill from the same region has concluded an ex-US deal for HMS I/II 80:20 scrap at $454/mt CFR, shredded scrap at $464/mt CFR and bonus grade scrap at $464/mt CFR. As mentioned above, the most recent deal from the US had been closed at $447/mt CFR Turkey earlier this week, but SteelOrbis increased its estimation for ex-US HMS I/II 80:20 scrap to the range of $449-455/mt CFR Turkey today, February 25, following the ex-Baltic deal reported earlier today.
The mood in the Turkish scrap market is still positive, also supported by the livelier rebar demand received both from the domestic and export markets. SteelOrbis has learned that large tonnages have changed hands in the local Turkish rebar market this week, and that local mills are targeting higher prices for next week. The large spread between the rebar and scrap quotations has attracted attention in the market. Meanwhile, a surge in billet prices has been observed. Local billet prices in Turkey are at around $610/mt ex-works, while CIS-based billet sellers are targeting $590-600/mt FOB, though the most recent deal from the CIS region was closed this week at $595/mt CFR Turkey.