Turkey’s imported scrap trades have resumed after a gap of nearly one week post-Eid and other holidays on 19 May’21. However, nearly five deep-sea bulk scrap cargo bookings were heard to have been be concluded in the past couple of days.
SteelMint’s price assessment of US-origin HMS 1&2 (80:20) stands at $507/tonne (t) CFR Turkey, rising $2/t against the end of last week.
Recent trades
- In a reported deal, a Baltic-origin bulk cargo has been booked by a West Marmara-based steel mill. The cargo comprised HMS 1&2 (80:20), traded at $507/t, CFR, while bonus material was sold at $517/t, CFR Turkey.
- A Europe-origin bulk scrap cargo was booked by an Eastern Marmara-based steel mill. The cargo comprised HMS 1&2 (80:20) which was concluded at $506.5/t and bonus at $516.5/t CFR Turkey. The average deal price of the cargo is reported at $500/t CFR Turkey.
- Earlier this week, a UK-based scrap dealer sold bulk cargo of 20,000 t mixed scrap. The cargo comprised 15,000 t of HMS 1&2 (80:20) at $500/t CFR and 5,000 t of shredded at $520/t CFR Turkey.
Turkish Lira remains firm w-o-w: Turkey’s national currency Lira remained firm week-on-week (w-o-w)and is trading TRY 8.3 levels against the US dollar,while the currency had depreciated to 8.48 levels towards the end of last week but it rebounded this week.
Outlook
Global suppliers are aiming to raise their offers further by $10/t for June-end shipments, due to the limited availability of raw material. However, Turkish buyers are likely to remain active in the scrap market. Concerns on falling Chinese steel prices may result in a decline in bids by Chinese and South Korean mills for Japanese scrap.
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