SteelOrbis has learned that an ex-Baltic scrap deal done by a Black Sea-based Turkish steel producer late last week consisted of 29,000 mt of HMS I/II 80:20 scrap at $379.5/mt CFR, 4,000 mt of shredded scrap at $400/mt CFR and 7,000 mt of bonus grade scrap at $400/mt CFR. The cargo will be shipped in late June. As a result, ex-Baltic scrap prices for Turkey have moved up by $1.5-2.5/mt.
An ex-US scrap booking done by an Iskenderun-based producer was closed for HMS I/II 80:20 scrap at $380/mt CFR. The majority of ex-US bookings were recently done at $380/mt CFR, though one booking was closed at $383/mt CFR. SteelOrbis has set its ex-US benchmark price at $380/mt CFR once again, down $1.5/mt.
The same Iskenderun region-based mill is rumored to have bought an ex-UK cargo, with the HMS I/II 80:20 scrap price at $377/mt CFR. However, a further ex-UK deal was closed by another mill based in the same region at $373.5/mt CFR for HMS I/II 80:20 scrap and at $396.5/mt CFR for bonus grade scrap, again late last week. The total volume in the cargo is 35,000 mt and it will be shipped in June.
The traditional gap in Turkey’s import scrap market between ex-US and ex-EU prices has returned to its usual range. Currently, Turkey’s deep sea scrap prices have settled at $373.5-380/mt CFR. The soft trend of scrap prices continues since Turkish mills have significant leverage during negotiations due to the weakness of the steel demand they receive. Meanwhile, today, May 20, Turkish domestic rebar spot prices have increased by TRY 100/mt ($2-3/mt) against the backdrop of the limited size availability due to the lack of supply in the market, while one Iskenderun-based mill has started its maintenance works today. High loan interest rates limit the trading ability of small and medium-sized players in the local rebar market, SteelOrbis hears.