Imported scrap prices have increased by around USD 15/MT W-o-W.
Amid a flurry of deep sea cargo bookings to Turkey getting concluded in the last few days, Imported scrap prices to Turkey have successively moved up by another USD 15/MT on a weekly basis. With mills now actively procuring for March shipment, the market is expected to remain strong in the coming days.
Among the latest of the deals concluded this week, a Finland based recycler sold a mixed cargo to a steelmaker based in the Eastern Black Seas region, comprising of 17,000 MT of HMS 1&2 (80:20) at 273/MT, 14,000 MT of Shredded at USD 278/MT and 4,000 MT of Bushelling at USD 283/MT CFR Turkey, for march shipment.
Another deal confirmed yesterday included a US recycler selling two bulk cargos to an Aegean based Steel mill, comprising of 25,000 MT of HMS 1&2 (80:20) a USD 270.5/MT and 12,000 MT of Shredded and 4,000 MT of bonus at 275.5/MT and 280/MT CFR respectively, prior to which the earlier cargo included HMS (80:20) at 268/MT and Shredded and Bonus at USD 273/MT and USD 278/MT CFR respectively to the same steelmaker.
Earlier this week, another US recycler had sold a mixed cargo consisting of HMS 1&2 (80:20) at USD 264/MT and Shredded and P&S at USD 269/MT & USD 274/MT CFR respectively, for early March shipment.
After normalizing the latest deal, SteelMint assessment for the USA origin scrap HMS 1&2 (80:20) stands at around USD 275/MT CFR Turkey, increasing by USD 15/MT against price level reported last week closing. Assessment from European origin stands at around USD 270/MT, CFR Turkey.
Last week, a Mediterranean region based steel mill had booked a vessel from US scrapyard with 21000 MT of HMS (80:20) at USD 260/MT, 3000 MT of Shredded at USD 265/MT and 6000 MT of P&S at USD 270/MT for Feb’20 Shipment.
The sharp rebound immediately after record drop last week has made buyers in Asian markets wary of the volatility in the offers, and are watching the trend carefully.
Leave a Reply