It is reported that
around 10 Deep Sea bulk cargoes were being heard sold to Turkish and Chinese mills. Three
deep sea cargoes were sold to two Turkish mills from the US East Coast, while China
booked seven Deep Sea bulk cargoes of HMS 1&2 (80:20) from the US West
Coast over the past week at $390-392/MT CFR.
Reportedly, a Turkish
mill booked two cargoes from separate suppliers, with HMS 1&2 (80:20) at
$383/MT CFR and shredded scrap at $388/MT.
Turkish mills have
resumed buying from past few days after they postponed it for around 2 weeks
due to weak demand for steel in Turkey. But now, some demand from domestic long
product end-users has returned, and mills are more confident about booking at
current offers.
According to a broker
(based in Turkey), “Mills are now asking for 5,000MT quantities this week
from me. Stoppages announced by mills (because of the poor demand in previous
weeks] are still not being announced really.”
Currently, Offers for HMS
1&2 (80:20) remain at $340-350/MT FOB i.e. down by $25-30/MT M-o-M.
In addition, a major
Chinese scrap buyer booked six cargoes and a Shanghai-based scrap processor
booked one. The concluded prices are down $10-20/MT CFR from two weeks ago.
Exporters are not
satisfied with the current offers to China at $390/MT CFR, but all they want is
to move the material anyways.
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