Purchase activity of ex-US scrap by Turkish producers has helped a relatively quiet US export market, as transactions remain strong despite the approaching Ramadan holiday.
Turkish producers have maintained a steady appetite of imported scrap over the past few weeks, despite this being a period in which Turkish mills traditionally slow activity. Prices for ex-US HMS I/II 80:20 are currently heard at $340-$345/mt CFR Turkey, down $5 from last week.
In contrast, US scrap export activity to the Far East has been hit-or-miss. As previously reported by SteelOrbis, offer prices for ex-US material to China has been heard in the approximate range of $375-$380/mt CFR, up from previous weeks (although these pricing models are still too high in the eyes of Chinese mills). Container activity has also slowed, with prices falling $10-$15/mt in some regions. Current prices for ex-US containerized HMS I/II 80:20 are heard at $330-$335/mt CFR Taiwan and $320-$325/mt CFR Korea. It was thought by many that as freight dropped ($60-$65/mt container Dallas and $35-$40/mt container West Coast) and prices began to soften, that activity would increase. However, demand for finished products in Far Eastern regions are heard to be slacking, therefore, significant transactions have yet to be reported.