Turkey’s deep-sea scrap import market has registered two deals so far this week, as mills and scrap merchants remained at an impasse over differing price expectations, market participants tell Kallanish.
The first of the two Baltic-origin deals was for August shipment of 5,000 tonnes of HMS 1&2 80:20 at $294/tonne cfr Turkey, 25,000t shredded at $299/t and 4,000t of bonus at $304/t. The second was for HMS 80:20 at $295/t, shredded at $300/t and bonus at $305/t. This is largely unchanged from prices witnessed last week.
Turkish mills have been bidding this week for US/Baltic scrap at $285-290/t cfr Turkey, but suppliers are holding out for $295-300/t. One Turkish scrap agent says $285 is “…out of the question,” adding that he assumes $294-297/t is a reasonable range for transactions.
Having received zero interest after hiking offers to $470/t two weeks ago, Turkish mills have lowered rebar export quotes to $460-465/t fob Turkey. One producer registered an unspecified-tonnage rebar sale to Romania at $457/t fob, the same destination that bought a week prior. This indicates suppliers’ export markets are limited and mills continue to be willing to go below quoted prices in sales.