Breaking the weak sentiments in the ferrous scrap market last
week, Turkish steelmakers continued to book deep-sea scrap from US, Baltic and
UK suppliers. Market participants expect Turkish buyers to book more cargoes to procure
the stock to last until the end of the week.
Some recent deals include 4 cargoes which were ordered in last 2 days, with one long steelmaker in Iskenderun buying three of
them. A cargo of 40,000 MT HMS 1&2 (80:20) UK-origin cargo went through at US$ 416/MT
CFR Turkey, while a cargo from a seller who often exports from the Baltic was
bought at US$ 425/MT CFR Turkey for 33,000 MT of HMS 1.
Various cargoes have been sold this week, with US suppliers offloading much excess material at a discount price. Lower freight rates helped US exporters to close more deals, as freight costs from the US east coast to Turkey have fallen to around $25/MT i.e. down by US$ 5-10/MT since the start of January.
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