Turkey: Imported scrap market remains silent this week

Imported scrap market in Turkey remained silent all through this week, with no major deep sea cargo deals getting concluded since middle of last week, with most Turkish mills either bidding at considerably lower prices, or remaining out of market for fresh bookings on active July shipment deals earlier in the month. This has resulted in global offers moving down to some extent.

The last major deep-sea bookings earlier last week, involved 2 USA origin cargoes getting concluded to Turkish mills in Aegean and Mediterranean regions, at price of $265-267/t CFR Turkey for HMS 1&2 (80:20), while fresh offers have now moved down to around $260/t CFR, on less interest from buyers.

Buyers are bidding at even lower levels, of around $252-255/t CFR, however, under prevailing market, almost all suppliers shied away from concluding at such low-price levels, expecting the buyers to return to the market soon. Because of this, many suppliers in Europe were reported to be not offering actively, on unworkable bids from steel mills.

SteelMint assessment for USA origin HMS 1&2 (80:20) now stands in the range of $260-263/t CFR Turkey, slightly down by 3-6/t in comparison to last week's report. Assessment for European origin HMS 1&2 (80:20) stands at $255-257/t CFR.

Market is expecting that the prices will not fall sharply in case buyers return for August shipment bookings by next week, however a prolonged absence of Turkish mills from the market, will surely impact the global price levels.