Turkey: Imported Scrap Prices Inch Down in Latest Deal
Turkish imported scrap prices have slightly moved down, in a recent deep-sea cargo concluded yesterday. Turkish market for imported scrap had remained silent for over 10 days since the last major booking, with buyers bidding considerably low levels to pull down the prices.
Amid current market scenario, with Turkish mills having sufficient inventory on the back of 35 bulk bookings for Mar’20 shipment giving them time and leeway to negotiate for April shipment contracts, market is anticipating that prices will correct further in the coming week.
In the latest confirmed deal, a Black Sea region based Turkish steelmaker has booked a bulk vessel from a Baltic origin recycling yard with 32,000 MT of mixed cargo comprising of 16,000 MT of HMS 1&2 (80:20), 12,500 MT of Shredded scrap, 2,500 MT of Bonus grade and 1000 MT of Bushelling at an average price of USD 283/MT CFR Turkey for April shipment. On normalizing the prices for all grades, Price for HMS 1&2 (80:20) is assessed at around USD 275-276/MT CFR.
Prior to this the last major booking came over days ago, when a Mediterranean region based steelmaker had booked a bulk cargo from a USA yard, comprising of 20000 MT of HMS 1&2 (90:10) at USD 282.50/MT (putting HMS 1&2 (80:20) at USD 279-280/MT) along with 5000 MT of shredded at USD 285/MT and 5000 MT of bonus at USD 290/MT, CFR Turkey.
After considering the latest deal, SteelMint's assessment for the USA origin scrap HMS 1&2 (80:20) stands at around USD 277-278/MT CFR Turkey, down by USD 2-3/MT against last week’s report, while European assessment stands at USD 273/MT CFR Turkey.
source: SteelMint
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