Imported scrap offers to Turkey witnessed stability at the beginning of this week, as a couple of recent deep-sea cargo, bookings got confirmed at firm price levels.
In the latest deal concluded, an Eastern Marmara region-based steel mill has booked a bulk vessel from a major Benelux region-based recycling yard. The bulk cargo comprised of 22,000 MT of HMS 1&2 (75:25) at USD 247.5/MT, 8,000 MT of shredded at USD 257.5 /MT, 10,000 MT of P&S + HMS 1 at 262.5/MT, while the cargo shipment is expected in the second half of the June. The HMS 1&2 (80:20) price from this booking is assessed at USD 251- 252/MT CFR Turkey.
Another deal concluded, in which USA based scrap recycler sold a bulk vessel to a Western Marmara based steelmaker, the cargo comprising fully of HMS 1&2 (90:10) at an average price of USD 256/MT, putting HMS 1&2 (80:20) price from US at 253/MT CFR Turkey.
As per market participants, there is a rumor that USA based prominent scrap recycler sold a bulk cargo to a Turkish based steel mill. However, the deal was not confirmed by SteelMint at the time of publishing this report.
After Normalizing the latest bookings, SteelMint’s assessment of USA origin HMS 1&2 (80:20) marginally inched down USD 1/MT to USD 253/MT CFR Turkey, against the closing of last week, while the assessment for European origin HMS 1&2 (80:20) now stands at USD 250/MT CFR.
Scrap availability at European origins remains tight, narrowing its price difference in comparison to USA origin material even further. While demand from Turkey, has witnessed a steady rise in comparison to April and steady demand is likely to keep prices in this range for the near term.
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