Ferrous scrap import prices have increased this week by USD 3-4/MT against last trades owing to less supply from global market.
Recently a deal was concluded for 35,000 MT ferrous scrap between a leading scrap supplier in the Baltic region and Turkish steel making company – ICDAS. Out of 35,000 MT scrap sold in total 27,000 MT (HMS 80:20) was sold at an average price of USD 281.5/MT CFR; 3,000 MT Shredded scrap was sold at an average price of USD 286.5/MT CFR and 5,000 MT Bonus was sold at an average rate of USD 291.5/MT CFR.
In a recent scrap trade deal concluded between Europe based scrap supplier – Galloo and Turkey based steel maker – Bastug for 40,000 MT; 20,000 MT HMS (75:25) and 20,000 MT Bonus at an average price of USD 280/MT CFR for August shipment.
Scrap bookings in Turkey are likely to remain low in coming days owing to upcoming public holidays for Ramadan. Sellers are anticipating further hike in prices in the coming days over less supply as the recent bookings made are likely to be shipped by Jul end or early August.
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