After a rather slow week 1st week of April, a flurry of deep-sea cargo bookings have been witnessed to Turkey over the course of this week, as prices have held firm since last few days, after shooting up last week.
Among the latest bookings, a recycling yard from USA, sold a bulk cargo to a Mediterranean region based steel mill. The cargo comprised of 10000 MT of HMS 1&2 (80:20) at USD 256.5/MT, 14000 MT of shredded at USD 261.5/MT and 6000 MT of P&S at USD 266.5/MT CFR Turkey.
Other recent major bookings to Turkey in the last few days include –
– An Aegean based steel manufacturer booked a bulk cargo from a USA based scrap dealer, comprising of HMS 1&2(80:20) at USD 256/MT CFR Turkey.
– Another Turkish steel mill has booked a bulk cargo from the scrap supplier based in Poland, comprising of 26000 MT of HMS 1&2 (80:20) at USD 255/MT, 2000 MT of bonus at USD 265/MT and 2000 Mt of busheling scrap at USD 270/MT CFR Turkey.
– Another USA based scrap recycling yard, sold a bulk cargo to Eastern Black Sea region based steelmaker, comprising of 20000 MT of HMS 1&2 (90:10) and 10000 MT of P & S at an average price of USD 262/MT Ex-New Orleans. The cargo shipment is expected in early June.
After normalizing the latest bookings, SteelMint’s assessment for USA origin HMS 1&2 (80:20) stands at USD 257-258/MT CFR Turkey, stable at the same level as earlier in the week, while standing USD 10/MT higher in comparison to the closing of last week. Assessment from Europe stands at USD 252/MT CFR Turkey.
As per trade sources, Buyers are trying to secure decent material now amid anticipation of a scrap availability shortage in the coming months.
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