Transactions within the Turkish import scrap market had fallen quiet over the Ramadan holiday, but US export yards are keeping a close eye on new lower-priced cargos out of the Baltic region for HMS I/II 80:20 scrap, which were transacted at $12-$15/mt CFR below previous US bookings.
Sources close to SteelOrbis continue to report that cheap Chinese billet and less-than-exciting demand for Turkish finished steel products are taking their toll on the market and it is rumored that US export yards may lower their prices $12-$15/mt CFR to match lower priced offers from other areas, especially since scrap demand within the US is likely to experience a temporary downtrend due to summer vacations and planned mill maintenance. As of late last week US domestic scrap yards believed that July prices would hold steady from levels seen in June, but this week, SteelOrbis sources say their confidence in sideways pricing has started to wane.