Turkey: Imported scrap prices up marginally post holidays

Turkish imported scrap market observed positive sentiments after Eid holidays, as scrap offers moved up over a week. However, there is a buzz around in the market that Turkish buyers have booked bulk cargoes at an increased price level, although confirmation on the deals was still not received till the time of publishing this report.

As per reports, A Benelux origin cargo was heard to be booked by a Marmara region-based mill, consisting of HMS 1&2 (75:25) and bonus scrap at an average price of around $281/t CFR level.

SteelMint's assessment of USA origin HMS 1&2 (80:20) scrap now stands at $281/t CFR Turkey, rising by $3/t against last week's closing.

Prior to this, during last week's closing, SteelMint had reported a deal in which a Baltic region-based recycling yard sold bulk cargo to steel mill located in the 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.

As per reports, Turkish finished steel market is now strong and domestic prices have increased this week. Hence, scrap prices are expected to increase in upcoming bookings.