Turkish imported scrap market picked up in activity after remaining subdued for over a week, after fresh bookings for a couple of deep-sea cargo vessels were confirmed yesterday, SteelMint learned from market participants. The Prices have marginally moved down in recent deals, while market believes the prices to have more-or-less stabilized at these levels for the short term due to improvement observed in Turkish Billet and Finished steel demand.
In recent deals reported, a Marmara region-based steelmaker booked a bulk vessel with 40,000 MT of mixed cargo scrap from a USA based supplier, comprising of 33,000 MT of HMS 1&2 (80:20) at USD 226/MT CFR and 7,000 MT of Shredded at USD 231/MT CFR Turkey, for November shipment. Another booking reported this yesterday included a Belgian supplier selling a Bulk cargo of HMS 1&2 (80:20) in entirety to a steel mill in Marmara region, at USD 224/MT for HMS 1&2 (80:20)
Prior to this, last week a Mediterranean region based steelmaker had booked a bulk vessel with 32,000 MT of mixed cargo scrap from a USA based supplier, comprising of 15,000 MT of HMS 1&2 (80:20) at USD 228/MT CFR, 15,000 MT of Shredded at USD 233/MT and 2,000 MT of P&S scrap at USD 238/MT CFR Turkey.
As per SteelMint’s methodology, an assessment of US-origin HMS 1&2 (80:20) scrap has inched down to USD 226/MT, CFR Turkey, slightly down by USD 2/MT against last week’s report. While assessment of European origin HMS 1&2 (80:20) also stands stable at around USD 220/MT, CFR Turkey. Turkish imported scrap prices continue to stand at 3 – year low levels, as per data maintained by SteelMint.
Turkish rebar export prices had dropped to around USD 395-400/MT range FoB this week, however, some stability can be expected in the coming days on slightly improving demand.
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