Posted on 22 Apr 2020
Some Turkish mills are still enquiring for scrap despite slowing their purchases after last week’s buying spree, but they are cautious over making bookings. On the supply side, however, there are still offers in the Turkish market.
A US-origin scrap supplier tells Kallanish: “I think supply and demand are balanced now. There are a few suppliers and buyers in the market. Prices should not change much.”
HMS 1&2 80:20 prices in the latest deep-sea scrap bookings stood at $256/tonne cfr Turkey for Baltic-origin, $256-257/t cfr for US-origin and $248-252/t cfr for EU-origin. Short-sea, except Russia, deals stood at $252/t cfr.
A Turkish mill says: “I have checked the market. There are more suppliers and fewer buyers in the market. I can easily buy US-origin HMS 80:20 at $255/t cfr today.”
A Turkish mill is heard to have given a bid at $240/t cfr Turkey for Romania-origin HMS 80:20, while offers from Romania stand at $245-250/t cfr.
Mills are seen to have adopted a more cautious stance following the oil price crash on Monday. On the other hand, they are struggling to find support from finished steel sales. Coupled with the clouded outlook due to the coronavirus outbreak, and national holiday on Thursday, this means Turkish mills are expected to pass this week without scrap purchases. Even the mills inquiring for scrap are not expected to hurry to buy under current conditions.
Source:Kallanish
