Imported Scrap Prices Inch Up in Recent Deals
SteelMint learned in recent conversation with market participants that Turkey-based steel mills have continued scrap booking at almost steady prices. Steel mills have initiated Feb shipment bookings in recent deals concluded. On increasing deals, price assessment has inched up marginally.
A Turkish steelmaker booked Baltic cargo comprising 28,000 MT of HMS 1&2 (80:20) at USD 280/MT, 5,000 MT of Shredded at USD 285/MT, 3000 MT of Bonus at USD 290/MT, CFR for February first-half delivery.
A 33,000 MT cargo was booked comprising 31,000 MT at HMS 1&2 (80:20) at USD 281.5/MT and 2,000 MT Bonus at USD 291.5/MT, CFR for January shipment.
Another steel mill booked a total 40,000 MT cargo comprising HMS 1&2 (80:20) at USD 280/MT, Shredded at USD 285/MT and Bonus at USD 290/MT, CFR Turkey.
According to SteelMint’s price assessment, US origin HMS (80:20) scrap inched up to USD 281.5/MT, CFR Turkey as against USD 280/MT, CFR in the last report. While HMS 1&2 (80:20) of Europe origin at around USD 272-273/MT, CFR. A premium for US material over Northern European scrap stands at USD 8-9/MT.
Earlier to this, a Benelux merchant reported having sold two cargoes each for Prompt and February shipment. Marmara region based steel mill booked 20,000 MT HMS 1&2 (80:20) at USD 273/MT, CFR normalizing to USD 280/MT, CFR and another deal reported at similar price levels had indicated a supply tightness in the market.
source: SteelMint
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