Turkey: Imported Scrap Prices Fall Marginally in Recent Deals
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Imported scrap prices to Turkey have remained volatile over the last week, with several recent deep sea cargo bookings witnessing fluctuation in prices.
In the latest deal concluded 2 days ago, a Belgium supplier sold a 32,000 MT mixed cargo to a Marmara region based steelmaker, comprising of 20,000 MT of HMS 1&2 (80:20) at USD 238/MT CFR and 6,000 MT each of Shredded and P&S scrap at USD 243/MT and USD 248/MT CFR Turkey respectively, for June Shipment. This steelmaker has already booked over 130,000 MT of imported scrap by itself in just around 10 days.
In addition to this, in another booking reported in the latter half of this week, a Finland based recycler booked a composite cargo to an Eastern Black sea region based steel mill, consisting of HMS 1&2 (80:20) at USD 250/MT CFR, Shredded scrap at USD 255/MT and bonus (P&S) at USD 260/MT CFR Turkey.
Prior to this, SteelMint had reported earlier in the week, that a USA based recycler had sold a mixed grade bulk cargo to a Western Marmara region based major steelmaker, comprising of HMS 1&2 (80:20) at USD 249/MT CFR, Shredded at USD 254/MT CFR, and Bonus (P&S) at USD 259/MT CFR Turkey.
On normalizing the latest deals, SteelMint's assessment for USA origin HMS 1&2 (80:20) to Turkey, stands at USD 245/MT CFR Turkey. This is down by USD 7/MT against the previous booking 2 days ago, while in comparison the previous report earlier in the week, the present assessment is lower by just USD 4/MT. On a W-o-W basis, against the closing of last week, the assessment has now come down by USD 8/MT.
As estimated earlier by SteelMint, the price levels have now been more or less range bound between USD 245-255/MT CFR Turkey for around 2 weeks now without moving sharply in any direction, and now with an average demand being expected by market sources along with gradually improving supply, is likely to keep price levels mostly stable in this range.
