Posted on 02 Jan 2020
As was the case the week before, Turkish mills showed no interest in deep-sea scrap cargoes last week whilst continuing their short sea and domestic scrap purchases.
As a result of the absence of demand and holidays in main seller markets, there were no deep-sea offers heard in the Turkish market. The suppliers that offered Baltic-origin HMS 1/2 80:20 at $305/tonne cfr the week prior, then disappeared last week. Only one single deep-sea sale was heard, which was bought by a Turkish induction furnace at $303/t cfr for HMS ½ 80:20.
However, Turkish mills short-sea scrap demand continues to trend strongly, with many short-sea sales concluded since week commencing 17 December. Most HMS ½ 80:20 short-sea sales were concluded from Romania, Bulgaria and Adriatic at $289-291/t cfr while only a few sales were concluded from Russia at $297-298/t cfr for HMS ½ 90:10. Most recent Russian-origin HMS ½ 90:10 is heard to have been sold at $301/t cfr in Turkey last week.
Turkish mills are expected to maintain their short-sea and domestic scrap demand, but were not expected to return to the deep-sea market last week. However, they have yet to cover their February-shipment deep-sea scrap purchases. They are therefore expected to launch their deep-sea inquiries at the beginning of 2020 while focusing on finished steel sales until then.
Since no new sales were heard last week, the Kallanish daily price assessment for HMS I/II 80:20 cfr Turkey which represents US and Baltic scrap remained unchanged at $300.5/t.
Source:Kallanish
