Turkey: Imported Scrap Prices Climb Up as Trades Continue

SteelMint learned from industry participants that Turkish imported scrap prices have strengthened further, as steelmakers continue their procurement for July and August shipments. After recovering from the 6-months low levels, most of the participants now anticipate that scrap prices likely to remain supported in the short term and may climb further above USD 300/MT levels.

In recent deals, an Iskenderun region based steel mill reported to have concluded two Baltic origin shipments. In one of the deals, steelmaker booked 29,000 MT of HMS 1&2 (80:20) at USD 297.5/MT and 6,000 MT of Bonus at USD 307.5/MT, CFR Turkey for July shipment.

Another Baltic supplier sold 22,000 MT of HMS 1&2 (80:20) at USD 297.5/MT and 10,000 MT of USD 307.5/MT, CFR Turkey for first half August shipment.

Prior to this, a European cargo was booked by the Marmara based steelmaker comprising 26,000 MT HMS (80:20) at USD 294/MT and 4,000 Bonus at USD 299/MT, CFR closing the last week.

SteelMint's assessment of US origin HMS 1&2 (80:20) scrap has climbed up to USD 298-299/MT, CFR Turkey, up by USD 5-6/MT against the last report during last week close. While assessment of European origin HMS 1&2 (80:20) stands at USD 293-294/MT, CFR Turkey.

According to sources, scrap supply from European markets remain still tight on the other hand, iron ore prices have jumped to significantly high levels this may pull scrap prices further provided the demand of finished steel improve in exports and domestic markets in Turkey.