Imported Scrap Offers to Turkey Move Up Further Amid Restocking

Imported scrap offers to Turkey, world's largest scrap importer, observed further hike in this week. Price assessment for US origin Shredded scrap is now elevated to USD 320/MT CFR Turkey levels. Offers remained climbing up further from reported lastly on 07th Oct'17 for both HMS 1&2 and Shredded scrap.

Price assessment reference index for USA origin HMS (80:20) now assessed at USD 315/MT CFR. Offers have moved up by USD 10-12/MT on W-o-W basis as it was reported at USD 303/MT, CFR Turkey last week. The price index for premium Bonus scrap material now stood at USD 325/MT, CFR Turkey.

In a recent deal reported, Marmara based steel producer from Turkey booked a European cargo containing 20,000 MT of HMS 1&2 (75:25), 2500 MT Shredded, 2500 MT New Cuttings and 10,000 MT Bonus scrap at an average price of USD 310/MT CFR Turkey for November delivery.

A market participant from Turkey recently commented that -"Turkish market recovered back and prices now stood at an average price of USD 315/MT. Restocking of ferrous scrap seemed to be started as buyers are looking for November deliveries but these offers are less likely to increase sharply further."

In a deal confirmed earlier, 40,000 MT USA origin scrap was booked at an average price of USD 315/MT containing 25,000 MT HMS 1&2 (80:20); 5,000 MT Shredded and 10,000 MT P&S scrap by Samsum buyer in Turkey.

Three bulk deals have been reported earlier to this each of 40,000 MT scrap from USA concluded at an average price of USD 310/MT, CFR Turkey.

Turkish buyers are booking several cargoes on account of low inventory levels and resistance from European suppliers to sell at lower prices.