Turkish mills prefer US scrap; HMS (80:20) offered at $435-440/MT CFR

According
to the market sources, recently, the US scrap suppliers have cut their export
prices for ferrous scrap to Turkish buyers. As a result, the US scrap prices
are close to European scrap prices, causing Turkish buyers turn to purchase the
scrap from the US suppliers.

Currently,
offers for HMS 1&2 (80:20) from the European scrap exporters are at US$ 437-439/MT
CFR while the US HMS 1&2 (80:20) quotes to Turkey are at US$ 440/MT CFR.
However, since the US scrap quality is better, Turkish steel mills intend to
buy the material from the US.

It
is also reported that the European scrap suppliers also likely to cut the
export prices to Turkish steel mills in order to compete against the US offers.