Turkey has continued its deep sea scrap purchases without taking a breather ahead of the Feast of Sacrifice holiday. Two new deep sea deals disclosed to the market today, July 30, indicating higher HMS I/II 80:20 quotations for Turkey.
An Iskenderun-based mill has concluded a booking from Germany for 16,000 mt of HMS I/II 80:20 scrap at $275/mt CFR, 3,000 mt of shredded scrap at $280/mt CFR and 6,000 mt of bonus grade scrap at $285/mt CFR, for September shipment. Previous to this deal, European HMS I/II 80:20 scrap prices were at $273/mt CFR Turkey.
Another mill in Turkey’s Izmir region has concluded an ex-Baltic deal for HMS I/II 80:20 scrap at $277.5/mt CFR and bonus grade scrap at $287.5/mt CFR. In the previous deal, ex-Baltic HMS I/II 80:20 scrap was sold at $276/mt CFR Turkey.
Market sources state that demand in the Turkish import scrap market is still there, and it will not be surprise if we hear more deals in the holiday period. Some players thinks that Turkish mills are convinced that the depreciation of the Turkish lira will continue in the coming days, resulting in higher deep sea scrap purchase prices. On the other hand, a major European scrap supplier states that they are expecting a rise in prime grade scrap quotations in the coming period since demand continues not just from Turkey but also from other regions and also due to the appreciation of the euro against the US dollar.