Turkey: Imported Scrap Prices Inch Up in Recent Bookings

SteelMint learned from market participants that imported scrap prices to Turkey have slightly inched up in several deep-sea cargo bookings completed in the last few days. Amid tight material availability, the market expects the uptrend to continue for the medium term.

In recent deal reported, a major US based supplier sold a bulk vessel to an Aegean region-based steel mill, comprising of HMS 1&2 (80:20) at USD 260 /MT, shredded at USD 265 /MT and bonus grade at USD 270 /MT, CFR Turkey.

Another steelmaker based in Mediterranean region also booked a bulk vessel from the same supplier with 30,000 MT mixed cargo, comprising of 18,000 MT of HMS 1&2 (80:20) at USD 260/MT, CFR, and 12,000 MT of shredded scrap at USD 265 /MT, CFR Turkey.

Further, an Aegean region-based mill concluded a bulk vessel from USA scrap yard, booking HMS 1&2 (80:20) at USD 260 /MT, shredded at USD 265/MT and bonus at USD 270/MT CFR level.

Earlier this week, a Mediterranean region based steelmaker in Turkey concluded a bulk vessel this week from a USA based scrap recycle yard booked a 31,000 MT of mixed cargo, comprising of 22,000 Mt of HMS 1&2 (90:10) at USD 262/MT CFR, and 9000 MT of shredded at USD 265/MT, putting HMS (80:20) price at USD 260/MT.

Prior to this, at the closing of last week, a Turkish steelmaker concluded a bulk vessel yesterday from a US-based recycle yard, booking a mixed cargo comprising of HMS 1&2 (80:20) at USD 259/MT CFR, and bonus scrap at USD 269/MT CFR Turkey.

As per SteelMint’s methodology, assessment of US-origin HMS 1&2 (80:20) scrap has inched up marginally by USD 2/MT W-o-W and stands at USD 260/MT, CFR Turkey, against the last report in the opening of this week. The assessment of European origin HMS 1&2 (80:20) now stands at around USD 254/MT, CFR Turkey.

Turkish rebar export prices this week stand at around USD 415-420/MT FoB, slightly up on higher scrap costs.