Offers for ferrous scrap to Turkey reach at $450-460/CFR

Turkish steelmakers booked several cargoes with
US-origin prices moving up to US$ 450-455/MT CFR, from US$ 438-443/MT CFR
Turkey, for HMS 1&2 (80:20). A recent deal was closed at US$ 453/MT CFR for
HMS 1&2 (80:20) to a long product manufacturer.

According to the sources, offers for HMS 1&2
(80:20) move up by US$8-10/MT CFR. A mill also bought a portion of plate and
structural scrap at US$ 463/MT CFR Marmara, taking the volume to 40,000 MT and
the average price for the whole cargo to US$ 455/MT CFR.

In another deal, US-origin cargo was also
heard sold at US$ 452/MT CFR Turkey for 33,000 MT of HMS 1&2 (80:20) and
7,000 MT of shredded scrap. The highest spot price reached at US$ 467/MT, for a
small cargo of Baltic-origin bonus and rails Iskenderun Turkey.

“Market could continue to rise because mills
have suddenly accepted sharp hikes. The other Turkish mills expected to be curious
now, after seeing these. Some suppliers have already raised their offers to US$
450/MT CFR seeing recent hikes in prices”, said a market participant.