Turkish imported scrap prices have come down sharply as a few deep sea as well as short sea bulk cargo bookings were confirmed at lowered prices in the last couple of days. Before this the Turkish market was quite since over a week, as buyers were bidding significantly lower levels than the last bookings, causing a buyer-supplier tiff.
In the latest bulk deal confirmed today, a Lithuania based scrap recycler sold a 40,000 MT cargo to an Aegean region based mill, comprising of HMS 1&2 (80:20) at USD 268/MT and bonus grade at USD 278/MT CFR Turkey. The shipment for the booking is expected for Apr’20. This price level is lower by USD 8/MT against last Baltic origin bookings by Turkish mills
Prior to this, a few days back, another supplier from Poland sold a bulk cargo of HMS 1&2 (80:20) at USD 273.5/MT CFR. A few short sea cargoes were also reported to conclude in the few days, including a Marmara based mill buying HMS 1&2 (80:20) from a Romanian origin supplier at USD 265/MT CFR, while on the other hand, a Russian origin cargo consisting of HMS 1&2 (90:10) was sold at USD 270/MT CFR.
After normalizing the latest deals, Steelmint’s assessment for USA origin HMS 1&2 (80:20) now stands at USD 271/MT CFR Turkey, down by USD 6-7/MT against last week’s assessment, while in comparison to last conclusive bookings, the prices have moved down by USD 7-8/MT CFR. Meanwhile assessment for European origin stand at USD 267-268/MT CFR Turkey.
It is reported that due to supply tightness at yards, many US recyclers are holding their offers firm, however it is highly unlikely that any booking will conclude above the prevailing workable price level in the coming days.
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