After remaining quiet for more than a week, the imported scrap market to Turkey witnessed a fall in prices in a recently concluded deal confirmed today. Due to dull finished steel demand and production cuts in Turkey, buyers had lowered their bids in the latter half of last week, with most buyers remaining watchful.
In the latest deal contracted at around end of last week, a West Marmara based major steelmaker booked a 30,000 MT bulk vessel from a west Russian yard via a global supplier, which comprised of 26,000 MT of HMS 1&2 (80:20) at USD 242/MT CFR, and 4,000 MT bonus grade at USD 252/MT CFR Turkey. The shipment for the cargo is expected for the first half of June and the booking has concluded at a price sharply lower by around USD 12-13/MT in comparison to last Turkish booking.
Prior to this, at around mid-April, a recycling yard from USA, had sold a bulk cargo to a Mediterranean region-based steel mill, comprising of 10,000 MT of HMS 1&2 (80:20) at USD 256.5/MT, 14000 MT of shredded at USD 261.5/MT and 6000 MT of P&S at USD 266.5/MT CFR Turkey.
Dull sentiments in Turkish finished steel market has weighed on imported scrap offers. After normalizing the latest booking, SteelMint’s assessment for USA origin HMS 1&2 (80:20) stands at USD 244/MT CFR Turkey, down by over USD 10/MT against the workable prices reported at end of last week, and falling by around USD 13/MT against last confirmed bookings by Turkish buyers.
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