Turkey: Imported scrap prices climb to over 4-months high

Imported scrap prices to Turkey moved up in recently concluded deals. After remaining silent for last few days, buyers have again turned active for bulk scrap cargo bookings before the upcoming Eid-holidays (31st Jul-3rd Aug '20). The prices have hit over four months high as similar price levels were seen in early Mar '20.

• In deal concluded recently, a Mediterranean region based steel maker booked bulk cargo from Baltic region and cargo comprised of 27,000 t of HMS 1&2 (80:20) at $276/t, 5,000 t of bonus, and 3,000 t of bushelling scrap at $ 291/t CFR basis. The cargo shipment would be before the 30th Sept '20.
  
  
• Another scrap supplier based in Baltic region sold a bulk vessel to a steel mill located in Aegean region, comprising of HMS 1&2 (80:20) at $275/t and bonus (P&S) at $285/t CFR basis, while the cargo shipment would be in Sept '20.
  
  
• In a deal concluded by another Mediterranean region based steelmaker, booked a bulk scrap cargo from European origin-based scrap supplier. The cargo comprised of HMS 1&2 (80:20) at $273/t, shredded at $278/t, and bonus (P&S) at $283/t CFR basis.
  
  

After normalizing the latest bookings, SteelMint's assessment of USA origin HMS 1&2 (80:20) scrap now stands at $276/t CFR Turkey, up by $3/t CFR level.

As per reports, the fresh offers from USA could increase above $280/t CFR level for the premium quality of HMS, for Sept '20 cargo shipments, in the coming days. However, it would be interesting to see if finished steel prices will be able to sustain at increased scrap prices.