Turkey: Imported Scrap Prices Inch Up in Recent Trades

SteelMint learned from industry participants that Turkey's imported scrap market has observed a couple of April shipment bookings recently at improved prices.

In recent deals heard, 40,000 MT HMS (80:20) spot shipment of European cargo booked at USD 315-316/MT, CFR and a steelmaker booked HMS 1&2 (80:20) at USD 319/MT, Shredded at USD 324/MT and Bonus at USD 329/MT, CFR Turkey. These trades pulled assessment of European material up USD 6-8/MT against the last week's report.

Another leading European recycler earlier sold a mixed cargo comprising 25,000 MT of HMS 1&2 (75:25), 10,000 MT Bonus and 5,000 MT of New Cuttings scrap at an average price of USD 312/MT, CFR. The cargo is scheduled for April delivery to Samsun based steel mill.

US scrap sellers turn optimistic about prices on decent domestic demand also, Turkey steel mills have initiated looking for April shipments cargoes amid firming sentiments. Indicative offers for HMS 1&2 have moved up in the range USD 315-320/MT, CFR on rising inquiries from several markets amid the possibility of strong scrap demand in March.

According to SteelMint's assessment, US origin HMS 1&2 (80:20) scrap stands at USD 318-320/MT, CFR Turkey While that of Europe origin stands at around USD 313-315/MT, CFR. A premium for US material over Northern European scrap stands at around USD 5-6/MT.

In the opening of the week, a European cargo comprising 17,500 MT HMS 1&2 (75:25) and 17,500 MT mixture of P&S and HMS 1 was booked at an average USD 314.5/MT for April shipment cargo.

On the other hand, Turkey's rebar market sentiments remained bearish in both the domestic and export market amid slow demand. Rebar export offers were reported last week in the range USD 470-480/MT, FoB Turkey. Moreover, CIS rebar export offers remain hovering in the range of USD 460-490/MT, FoB levels on Black Sea port amid disparity in bids and buyers interest.