After a flurry of US origin bulk cargoes reported on Monday, another couple of fresh bookings for imported scrap to Turkey got confirmed yesterday, with slight increase in prices. Till now 6-7 Bulk bookings have concluded to Turkish mills since the end of last week, when the buyers had returned to market following a lull of several weeks prior to that.
Among the latest bookings, a USA East coast supplier booked a 30,000 t mixed cargo to a Mediterranean region steelmaker, comprising of 15,000t HMS 1&2 (90:10) and 15,000t Shredded scrap at an average price of $262.5/t CFR Turkey, putting HMS 1&2 (80:20) price at $259/t CFR Turkey.
Another booking included a Baltic origin supplier was reported yesterday, with HMS 1&2 (80:20) being sold to a Turkish mill at $259/t CFR Turkey. One more US origin cargo with HMS 1&2 (80:20) at $259/t CFR Turkey was reported by sources, but could not be confirmed by the publishing of the article.
Prior to this, SteelMint had reported at the opening of this week, that 3 US origin cargoes were sold to Turkish steelmakers, with HMS 1&2 (80:20) prices in the deals being recorded at $256/t, $257/t and $258/t CFR Turkey respectively.
On normalizing the latest deals, Steelmint’s assessment of US origin HMS 1&2 (80:20) scrap to Turkey now stands at $260/t CFR/t, up by $2/t against Monday, and $6/t higher than closing of last week. European origin HMS 1&2 (80:20) assessment stands at $254/t CFR Turkey.
As estimated by SteelMint earlier this week, bookings by Turkish mills have increased on renewed demand with active inquiries in the market, while a scrap shortage at Baltic origin yards is also responsible for driving the prices up. However, at the same time, prices are not expected to witness any sharp surge, with finished steel market still looking for support.
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