After a slight increase earlier this week, imported scrap prices to Turkey continued to further move up, in the latest Baltic origin booking confirmed yesterday evening. Slightly improved finished steel export bookings by Turkish mills to SE Asia and US have given support to the scrap prices, in addition to the continued low scrap availability.
In the latest contract confirmed yesterday, a Russian (St Petersburg) origin composite cargo was sold by a Baltic supplier to a Mediterranean region based steelmaker consisting of HMS 1&2 (80:20) at USD 250/MT and Bonus grade (P&S) at USD 260/MT CFR Turkey, with a total of 30,000 MT cargo being expected for June end shipment.
Yesterday, SteelMint reported two bookings which concluded in the middle of this week, where two mixed grade cargoes were sold to two other different Mediterranean region-based mills, by a USA based and a Benelux region-based scrap recycler respectively. In these bookings, the HMS 1&2 (80:20) price was estimated to be USD 250/MT from USA and USD 244/MT from Benelux region respectively.
On normalizing the latest booking, SteelMint’s assessment for USA origin HMS 1&2 (80:20) now stands at USD 254/MT CFR Turkey, up by USD 10/MT on a weekly basis. By yesterday’s report, the assessment had moved up by USD 6/MT against last week’s closing, while today, a further increment of USD 4/MT was witnessed. While the assessment for European origin now stands at USD 247-248/MT CFR Turkey.
The Turkish market may observe a brief silence for a few days amid Eid celebrations early next week, which may have prompted the swift bookings this week, and when the market resumes later next week, improving finished steel sentiments and growing demand are expected to keep scrap prices supported, as per market participants.
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