Few market participants expect prices to increase in the near term owing to approaching winter season.
Imported ferrous scrap market in Turkey has been witnessing slow-moving market sentiments this week. Importers were trying to negotiate for the prices below than present levels while sellers remained quoting higher by USD 5-10/MT than the present price levels. This situation leads to witness very few trades in last 3-4 days in the imported scrap market in turkey.
Price assessment index for USA origin HMS (80:20) now is at USD 304/MT CFR.Offers have moved up slightly than reported on 21st Oct at USD 300/MT, CFR levels while remained nearly stable on W-o-W basis. Offers for premium scrap materials remained unchanged at USD 310-315/MT, CFR Turkey.
Shredded scrap price assessment for US origin is now at USD 307-310/MT CFR Turkey level. Most of the offers remained in line with lastly reported levels on account of reduced trades.
A scrap supplier shared with SteelMint –“We are going into winter months so material availability goes down every year as scrap inflows from Baltic slows down. The further price hike is possible as buyers are supposed to book more cargoes for restocking.”
Recently few trade deals confirmed for early December deliveries in Turkey and now buyers are expected to book more scrap materials against approaching winter. Few more bookings in cargoes for late November deliveries are also expected.
Trade wise –
1. In the latest deal confirmed, USA based scrap recycler Camden sold 40,000 MT ferrous scrap to Steel producer in turkey Koc Metalurji containing 14,000 MT HMS 1&2 (80:20) at USD 304/MT, CFR and 22,000 MT Shredded at USD 309/MT along with 4,000 MT P&S at USD 314/MT, CFR Turkey respectively.
2. In another deal reported, Habas Steel mill in Turkey booked a cargo of 30,000 MT ferrous scrap from Ice Steel Industries based in Ohio, USA.The cargo comprised of 25,000 MT of HMS 1&2 (80:20) at USD 295/MT, CFR and another 5,000 MT Shredded at USD 300/MT, CFR Turkey respectively.
However, on the other side Turkish steel mills kept seeking for the reduction in scrap offers and kept their bids lower by USD 5-10/MT than present offers.
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