Following the ex-UK scrap booking heard earlier today, two new deals have been disclosed to the Turkish scrap market.
SteelOrbis has learned that another ex-UK booking has been concluded by an Iskenderun-based mill for 18,000 mt of HMS I/II 80:20 scrap at 386.5/mt CFR, for early March shipment. The other ex-UK deal heard today was closed at $399/mt CFR Turkey for HMS I/II 80:20 scrap, also for March shipment.
Meanwhile, an ex-Baltic cargo has been sold to a Marmara-based producer, consisting of HMS I/II 80:20 scrap at $380/mt CFR and bonus grade scrap at $390/mt CFR. Some market sources state that this cargo will be shipped at the end of February and this is the reason of the price, though this information was not confirmed by the buyer or the seller at the time of publication. Previous to this booking, SteelOrbis’ estimation for ex-Baltic HMS I/II 80:20 scrap was at $405/mt CFR.
Additionally, according to market sources, some sales have been concluded from the Romania and Adriatic regions in the range of $370-375/mt CFR Turkey during the current week. But now, sellers have decided to wait and monitor the deep sea side to see a clearer trend.
Amid the diverse signals these three deep sea transactions have provided to the market today, February 5, some market players voiced their confusion, while some still state that prices are set to recover from the current levels as market’s mood has changed. As SteelOrbis mentioned before, Turkish mills have returned to market, seeking cargoes to buy. Also, it is observed that many Turkish rebar producers have closed their sales for the local market, which is usually a signal of an increase in prices. Also traders state that spot prices in the Turkish rebar market has rebounded slightly over the past days.