The current weakness in the Turkish finished product market has forced the region's producers to the sidelines and it is widely felt that we will not see a rebound in buying activity until there is a positive swing in Turkey's finished market. Current ex-US prices to Turkey for HMS I/II 80:20 are currently heard at $285-$290/mt CFR, down slightly from the $293/mt offer prices heard earlier this week, while prime grade offers to Turkey presently stand at about $315/mt CFR.
Activity to the Far East has been similarly stagnant as China remains a bystander in the international market with its National Holiday celebrations recently ending and Korea concluding only some scattered, low-tonnage spot transactions. Current containerized shipment rates for ex-US HMS I/II 80:20 scrap to Far Eastern ports have been heard at $285/mt CFR Taiwan and $305/mt CFR Korea, both down from a week earlier. It is thought that Korean producers have one foot in the international market but are well aware of the downward trend. Thus, they will be hesitant to commit to large volumes.
In contrast to Turkey and the Far East, India has returned to the market with reported purchases of containerized ex-US shredded material at the rate of $315-$320/mt CFR.