Turkey: Imported scrap prices climb to 2-months high in recent deals

As Turkish steelmakers continue actively booking imported scrap cargoes, prices for the same moved up in the latest couple of bookings confirmed yesterday.

In the latest deal, a major Canadian recycler sold a 30,000 MT cargo to a Mediterranean region-based steel mill, comprising of shredded scrap in entirety, at a price of USD 263/MT CFR Turkey, with the cargo likely to be shipped in July. The price level in the said deal translates to USD 258/MT CFR for HMS 1&2 (80:20) from North American origins.

Another deal included a Germany based supplier booking 25,000 MT of mixed grade cargo to a Western Marmara based mill consisting of 14,000 MT of HMS 1&2 (80:20), 5,000 MT of P&S, 3,000 MT of Busheling, and 3,000 MT of oxy Plates to a Marmara-based producer at an average price of USD 261/MT CFR Turkey. The price for HMS 1&2 (80:20) in this deal, was assessed at around USD 255/MT CFR.

SteelMint's assessment for US origin HMS 1&2 (80:20) now stands at USD 258/MT CFR Turkey, up by USD 4/MT in comparison to deals earlier this week. Current price levels are seen at almost 2-months high as similar levels were last seen in mid Apr'20. The assessment for European origin HMS 1&2(80:20) assessment stands at USD 254/MT CFR.

The market is expecting prices to remain supported in the coming weeks, with a considerable increase in demand as many mills are looking for fresh cargo bookings, amid scrap availability still on the lower side.