Posted on 14 May 2020
Two Turkish mills have booked US-origin scrap cargoes so far this week.
The first cargo was booked on Monday by a mill in the Marmara region for June shipment at $252/tonne cfr Turkey for 12,000 tonnes of HMS 1&2 80:20 and $257/t cfr for 18,000-20,000t of shredded.
The second US-origin cargo was booked on Tuesday by another mill in the Marmara region at $249/t cfr for HMS 80:20, $254/t cfr for shredded and $259/t cfr for bonus grade, also for June shipment.
The second cargo confirms a $3/t price decrease in one day, indicating scrap prices in Turkey have failed to hold at levels above $250/t cfr, on account of supply exceeding demand. US suppliers’ target price for HMS 80:20 was at $255/t cfr at the beginning of the week, Kallanish notes.
Baltic-origin HMS 80:20 scrap appeared at $251-252/t cfr in deals concluded in the first two days of the week.
Although there was a rumour on Wednesday of an EU-origin scrap sale at $247/t cfr for 23,000t of HMS 80:20 and $257/t cfr for 7,000t of bonus, this could not be confirmed before deadline.
Source:Kallanish
