Turkish imported scrap prices shot up all through this week, amid a flurry of deep-sea cargo bookings being witnessed in the last 4-5 days at sharply rising prices, SteelMint learned from market participants.
–In deals reported this week, a Mediterranean region steelmaker booked a bulk vessel from a major US supplier yesterday with 32,000 MT of mixed cargo comprising of 12,000 MT HMS 1&2 (80:20) at USD 244/MT CFR, 8,000 MT of shredded at USD 249/MT and 12,000 MT of bonus at USD 254/MT CFR Turkey. Another Aegean based Plant booked a bulk cargo of 25,000 MT of HMS 1&2 (80:20) from a Baltic recycler at USD 241.5/MT CFR, for November shipment.
–Baltic yard selling bulk cago with HMS 1&2 (80:20) for USD 241.5/MT and Bonus grade scrap for 251.5/MT CFR to a Mediterranean region based mill
–A US-based recycler also sold HMS 1&2 (90:10) for USD 246/MT CFR and USD 249/MT, for Shredded to another steelmaker based in Mediterranean region.
–On 14th Oct, a Baltic supplier had sold 40,000 MT of the bulk vessel to a Marmara region steelmaker, comprising of HMS 1&2 (80:20) in entirety at USD 237/MT CFR, for November shipment.
As per SteelMint’s methodology, an assessment of US-origin HMS 1&2 (80:20) scrap has now climbed up to USD 244/MT, CFR Turkey, increasing by USD 10-11/MT against the closing of last week, while the prices have risen by USD 5/MT since the opening of this week. The assessment of European origin HMS 1&2 (80:20) now stands at around USD 239/MT, CFR Turkey.
The average Price for Turkish scrap imports have now conveniently rebounded from the 3 year low levels observed 2 weeks ago and currently standing at the levels last witnessed in Feb’17.
Turkish rebar export prices moved up this week to USD 405-410/MT range, FoB, on firming up of scrap offers however, finished steel demand still remains subdued.
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