Turkey: Imported Scrap Prices Rally in Recent Booking

With the ongoing last week before most scrap recycling yards in Europe and North America closing down for winter holidays, the global imported scrap offers have continued to rally, as buyers look to restock for January shipments. Recent bulk cargo bookings to Turkey have come at sharply increased price levels, however, on an overall basis, trades to Turkey have remained slow in comparison to last month.

In recent deal reported today, a Baltic region based scrap recycler sold a bulk cargo to a Turkish steelmaker based in Aegean region, comprising of HMS 1&2 (80:20) and Bonus scrap booked at USD 289/MT and USD 299/MT respectively CFR Turkey.

Prior to this, a Mediterranean region based steel mill booked a bulk vessel of 27,000 MT cargo from a Baltic yard, comprising of 24,000 MT of HMS (80:20) at USD 280/MT and 3,000 MT of bonus at USD 290/MT, CFR Turkey. The cargo shipment is expected to be done in January 2020.

With the latest deal, SteelMint's assessment for US-origin HMS (80:20) climbed to USD 291/MT, CFR Turkey, up by USD 7/MT against the closing of last week, while the assessment from Europe currently stands at USD 284/MT CFR.