Turkey’s import scrap procurement prices have not changed much this week. However, there is positive sentiment in the market, particularly among scrap sellers. Demand for scrap is livelier this week despite the completion of deals for June shipment. Several sources report that the current lively demand shows Turkish mills aim to step up their purchases ahead of the Feast of Sacrifice holiday which starts on June 16. Previous concerns that Turkish mills could cut their outputs for a week around the holiday period now no longer exist.
Turkey has bought an ex-Baltic cargo for HMS I/II 80:20 scrap at $379/mt CFR, with the price stable week on week. And an ex-US scrap deal was done by an Iskenderun-based producer, with the cargo reportedly consisting of 15,000 mt of shredded and 15,000 mt of bonus grade scrap. Market sources report that the HMS I/II 80:20 scrap price for the cargo can be considered at around $379/mt CFR, similar to the previous deals from the US closed at $380/mt CFR.
The future trend of Turkey’s deep sea scrap market will be determined by the stance of US-based scrap suppliers, market sources agree. While US sellers have concluded a high number of sales to Turkey and alternative markets, they have not collected all the material for these cargoes yet. Whether this will limit their offers to Turkey or not will be seen in the coming days. If US suppliers can maintain firm offers to Turkey in the short term, European suppliers will be ready to increase their quotations. Ex-EU scrap offers have already increased to around $380/mt CFR, with some even voicing $385/mt CFR, while for ex-US scrap offers stand at around $385-388/mt CFR.