Turkey: Imported Scrap Prices Fall in Recent Deals

Turkish imported scrap prices have fallen again after a couple of fresh deep-sea cargo bookings were signed at prices lower by a further USD 5-6/MT, SteelMint learned from market participants. After remaining firm for over a week, the recent decline has ensured that prices have now plunged by over USD 70/MT in the last 2 months.

In recent deals reported, a Mediterranean region based steelmaker booked a bulk vessel with 32,000 MT of mixed cargo scrap from a USA based supplier, comprising of 15,000 MT of HMS 1&2 (80:20) at USD 228/MT CFR, 15,000 MT of Shredded at USD 233/MT and 2,000 MT of P&S scrap at USD 238/MT CFR Turkey.

Another USA based supplier sold a mixed grade Bulk vessel to an Aegean region-based steel mill at USD 226/MT for HMS 1&2 (80:20) and USD 231/MT CFR for Shredded.

Prior to this, last week another Mediterranean region based steelmaker had booked a vessel with 30,000 MT of mixed cargo from USA, comprising of 22,000 MT at USD 233/MT CFR, 4,000 MT of Shredded at USD 238/MT and 4,000 MT of Bonus scrap at USD 243/MT CFR Turkey.

As per SteelMint's methodology, an assessment of US-origin HMS 1&2 (80:20) scrap has now dropped to USD 228/MT, CFR Turkey, down USD 6/MT against last report earlier this week. While assessment of European origin HMS 1&2 (80:20) also stands stable at around USD 222-223/MT, CFR Turkey

Turkish imported scrap prices are currently standing at 3 - year low levels, as per data maintained by SteelMint. Prior to this, the HMS 1&2 (80:20) prices from USA origin went below USD 225 /MT in October 2016.

Turkish rebar export prices currently stand at USD 400-410/MT range, FoB, on slow sales in the domestic and overseas market.