SteelMint learned from industry participants that Turkish imported scrap prices have jumped sharply by around USD 10-15/MT against the last assessment in recent booking reported from the US. After lowering of tariffs from 50% to 25% by the US government on Turkish steel imports, Turkish finish steel prices observed recovery in recent deals confirmed which could have supported mills to raise prices for scrap procurement for their remaining June needs.
In recent deal confirmed, US supplier sold a cargo to a Marmara based steelmaker comprising 20,000 MT HMS 1&2 (80:20) at USD 310/MT and 5,000 MT of Shredded at USD 315/MT, CFR Turkey for June shipment.
Earlier to this, a deal was reported for US origin HMS 1&2 (80:20) at USD 294/MT and Bonus scrap at USD 304/MT, CFR. Thus, prices for US origin scrap have climbed by USD 15-16/MT against the previous deal reported last week.
SteelMint’s assessment of US origin HMS 1&2 (80:20) scrap has increased to USD 310/MT, CFR Turkey. In line with this, an assessment of Europe origin HMS stands at around USD 305/MT, CFR. A premium of US material over Northern European scrap stands at around USD 5/MT.
On the other hand, offers for deep-sea cargoes from Europe and Baltic origin HMS 1&2 80:20 are being reported at around USD 305/MT, CFR. Few participants are waiting for more deals to have clarity however, it is being anticipated that imported scrap prices to remain supported in the near terms.
Turkish rebar export prices jump in recent deals – Turkish rebar export offers rose further USD 10/MT against last weeks’ report. Few leading rebar producers heard to have sold in the range USD 470-480/MT, FoB on an actual weight basis to SouthEast Asian buyers. However, the disparity between bids and offers remained high with limited trades being concluded at the moment.
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