SteelMint learned from industry participants that Turkish imported scrap prices recovered in recent restocking activities reported. Steel mills have witnessed deep sea trades at recovered prices amid lowering availability of scrap and increased offer levels. Steel mills showed interest mostly in June scrap shipments and raised their bids amid low availability of stocks in hand.
In recent deal confirmed, US East coast based supplier sold a cargo to a Marmara based steelmaker comprising 18,000 MT HMS 1&2 (80:20) at USD 290/MT, 5,000 MT of Shredded at USD 295/MT and 2,000 MT of Bonus at USD 300/MT, CFR Turkey for prompt shipment.
A deal was reported at even higher prices as leading US supplier heard to have sold HMS 1&2 (80:20) at USD 294/MT and Bonus scrap at USD 304/MT, CFR. Due to the decision of US president Donald Trump regarding extra tariff cut on Turkish steel products, it is being anticipated that rebar, billet and scrap prices would recover sharply in short terms.
A Benelux based recycler sold 20,000 MT HMS 1&2 (75:25) and 10,000 MT of Shredded and 10,000 MT of mix HMS 1 and P&S at an average of USD 290.5/MT, CFR Turkey to Iskenderun based steelmaker for first half June shipment.
In another Baltic origin deal, HMS 1&2 (80:20) was booked at USD 290/MT and Bonus scrap at USD 300/MT, CFR by Marmara based importer.
SteelMint’s reference price for US origin HMS 1&2 (80:20) scrap stands at USD 293-294/MT, CFR Turkey. While assessment of Europe origin stands at around USD 288-289/MT, CFR. A premium of US material over Northern European scrap stands at around USD 4-5/MT.
Turkish rebar export offers increase on high scrap prices – Turkish rebar export offers rose to USD 460-465/MT, FoB after dropping in the range USD 450-460/MT, FoB on an actual weight basis as mills were forced to lift scrap import bids. Steel mills are likely to target USD 170-175 margin between scrap-rebar for rest of the month.
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