The imported scrap prices to Turkey inched down again marginally in the latest booking confirmed, after witnessing a drop earlier this week. On an overall basis, imported scrap deep-sea cargo bookings to Turkey stand rather slow, with only a couple of bookings being witnessed over the last 2 weeks, as the slow finished steel demand amid lockdown is now countering the low scrap collection rates and supply.
In the latest deal concluded last week closing, a Mediterranean region based major steelmaker booked a 18,000 MT bulk vessel from the UK yard of a global recycler. The bulk cargo entirely comprised of HMS 1&2 (80:20) at USD 238/MT CFR. This translates to USD 243/MT for HMS 1&2 (80:20) from USA origin.
Prior to this, a West Marmara based major steelmaker booked a 30,000 MT bulk vessel from a west Russian yard via a global supplier, which comprised of 26,000 MT of HMS 1&2 (80:20) at USD 242/MT CFR, and 4,000 MT bonus grade at USD 252/MT CFR Turkey.
After normalizing the latest booking, SteelMint’s assessment for USA origin HMS 1&2 (80:20) stands at USD 243/MT CFR Turkey, almost similar to the price level at the beginning of the week when it stood at USD 244/MT, CFR. While in comparison to the closing of last week, prices have fallen by around USD 11/MT.
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