Posted on 20 Apr 2020
Following numerous scrap purchases throughout last week, the Turkish scrap market fell silent on Friday.
An array of US- and Baltic-origin scrap cargoes were booked by Turkish mills at $256-257/tonne cfr Turkey levels for HMS 1&2 80:20, Kallanish notes.
The number of EU-origin scrap bookings remained limited, with 80:20 prices at $248-251/t, due to high dock prices and lack of supply in the EU.
Short-sea HMS 80:20 was concluded at $248-252/t cfr, while Russian-origin HMS 90:10 was booked at $257/t cfr.
Although prices in the first deals last week increased versus the previous week, the uptrend then halted as prices stabilised in subsequent deals later in the week.
There are still Baltic- and US-origin scrap suppliers with offers in the Turkish market. Although these suppliers are targeting to sell HMS 80:20 at $260/t cfr Turkey, they are not expected to find buyers at these levels. The highest prices they were able to reach on Friday were $255-257/t cfr, as many mills have backed off from scrap purchases.
Turkish mills are now seen to have focused on finished steel sales after completing their scrap purchase requirements. They are expected to suspend their deep-sea scrap purchases for a while and will base their future scrap-buying strategy on their sales volume of finished steel.
Source:Kallanish
