Lift in rebar and billet prices has supported steel mills to raise their costing of scrap resulting in increased imported scrap trades this week.
In the recent trades reported, a steelmaker booked 25,000 MT cargo comprising 4,000 MT HMS 1&2 (90:10) and 21,000 MT Shredded at an average price of USD 335.5/MT, CFR Turkey.
A European supplier sold a total of 40,000 MT comprising 15,000 MT HMS 1&2 (75:25), 14,000 MT Shredded and 11,000 MT mixture of P&S and HMS 1 scrap at an average price of USD 324/MT, CFR equivalent to HMS 1&2 (80:20) at USD 320-322/MT, CFR.
Earlier to this, USA supplier sold a cargo comprising HMS 1&2 (80:20) at USD 330/MT, Shredded at USD 335/MT and P&S scrap at USD 340/MT, CFR on Wednesday.
Another cargo booked comprising of 5,000 MT HMS 1&2 (80:20) at USD 330/MT, 20,000 MT Shredded at USD 335/MT and 5,000 MT of P&S scrap at USD 340/MT, CFR.
A Russian supplier was heard to have sold HMS 1&2 (95:5) at USD 335/MT, CFR.
According to SteelMint’s price assessment, US origin HMS (80:20) scrap climbs up to USD 330/MT, CFR Turkey as against USD 325-327/MT, CFR in the opening of this week. While HMS 1&2 (80:20) of Europe origin stands at around USD 320-322/MT, CFR. A premium for US material over Northern European scrap remains at around USD 8-9/MT.
Rebar prices soar on improved trades - Turkish steel mills observed improved trades for rebar in both the domestic and exports market. Rebar export offers stand at around USD 465-475/MT, FoB Turkey jumping by USD 25-35/MT against the last low levels heard. Moreover, CIS rebar export offers climb to USD 455-465/MT, FoB levels on Black Sea port basis.