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Turkey: Imported scrap prices continue to strengthen in recent bookings

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Melting Scrap

BigMint Bureau

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31 Jul 2020, 15:30 IST

Turkey: Imported scrap prices continue to strengthen in recent bookings

Imported scrap prices in Turkey rose further in fresh deals getting concluded ahead Eid holidays. Till now five deepsea cargoes have concluded to Turkish mills. Buyers are aggressively booking bulk scrap cargoes for August and September shipments as holidays have already started in Turkey on the occasion of Eid.

Among the latest bookings, a Baltic region-based recycling yard sold bulk cargo to steelmaker located in Mediterranean region, Turkey, containing HMS 1&2 (80:20) at $279/t CFR and bonus at $289/t, CFR Turkey. The cargo has booked for Aug '20 shipment.
The second deal from Baltic region and cargo comprised 16,000 t of HMS 1&2 (80:20) at $275/t, 3,000 t of shredded at $ 280/t, and 6,000 t of bonus at $ 285/t CFR basis. The cargo shipment would be in Sept '20.
Another deal concluded from Baltic region, in which an Aegean region-based steel mill has booked HMS 1&2 (80:20) at $277.5/t CFR and bonus at $287.5/t CFR Turkey.
The same Aegean region-based steel mill booked another 40,000 t of bulk cargo from global scrap recycle based in USA. The cargo comprised of 20,000 t of HMS 1&2 (80:20) at $276.50/t CFR, 15,000 t of shredded at $281.50/t CFR and 5,000 t of bonus at $286.50/t CFR Turkey, while the cargo shipment would in the second half of Sept '20.
A steelmaker located in Western black sea region, booked a bulk cargo for another Baltic origin scrap recently. The bulk vessel entirely comprised HMS 1&2 (95:5) at $282.5/t CFR Turkey level for the Sept '20 shipment.

After normalizing the latest bookings, SteelMint's assessment of USA origin HMS 1&2 (80:20) scrap now stood at $278/t CFR Turkey, further climbing by $2/t against yesterday.

The flats market is active now a days, as citing firm Turkish finished steel demand due to this Turkish mill are consistently buying at higher prices as per the market sources. Also in coming days, Turkish mills may slow buying due to high prices and steel prices near areas of Turkey.