Imported scrap trades to Turkey had remained slow since the beginning of the new year, with only a couple of bulk cargo bookings from Baltic and Europe origins getting concluded till earlier this week.
However, the latest deal from US getting concluded at a sharply decreased price has indicated a fall prices by a significant margin, which is likely to reflect in the offers to other major markets soon. Trade sources indicated that amid falling finished steel demand, buyers aren’t actively procuring material at high offers.
In the latest deal concluded this week, an eastern Marmara based major steelmaker has booked a bulk vessel of 35,000 MT of cargo, comprising of HMS 1&2 (95:5) at a price of USD 295/MT. The shipment for the cargo is expected for February.
After normalizing the latest deal, SteelMint’s assessment for HMS 1&2 (80:20) from USA origin stands at USD 285-290/MT CFR Turkey, down by over USD 15/MT against last week, while the assessment from Europe stands at USD 280/MT CFR.
Prior to this, a Denmark based scrap recycling company, sold a bulk vessel to steelmaker in eastern Black Sea region, consisting of HMS 1&2 (80:20) at price of USD 303/MT CFR Turkey, while another Mediterranean region based mill had booked a bulk vessel of 25,000 MT mixed cargo from a German recycling yard, comprising of 5000 MT of HMS 1&2 (80:20) at USD 297/MT, CFR, and 20,000 MT of Shredded at around USD 305/MT CFR Turkey.
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