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Turkish mills book US, Baltic and UK scrap - 9 February 2012

Turkish steelmakers continue to book deep-sea scrap from US, Baltic and UK sources, and market participants expect the strong return to procurement to last until the end of the week, Steel Business Briefing hears.

Four more cargoes were heard ordered late Tuesday and into Wednesday, with one long steelmaker in Iskenderun buying three of them. A 40,000 tonne HMS 1&2 80:20 UK-origin cargo went through at $416/t CFR Iskenderun, while a cargo from a seller who often exports from the Baltic was bought at $425/t CFR for 33,000t of A3.

Finally, a US East Coast shipment of HMS 1&2 80:20, HMS 1&2 90:10 and shredded scrap is believed to have been booked at $433/t CFR Iskenderun. This represents a $2-3/t decline on a similar booking of the same blend earlier in the week.

A second longs maker in Iskenderun booked 17,000t of shredded, 3,000t of bonus and 20,000t of HMS 1&2 80:20 from another US supplier, with the mean price believed to be $435/t CFR.

Some sources claim Turkish steel mills will continue their scrap bookings in the rest of the week. “Turkish mills’ bookings totalled 12 deep sea cargoes since last week and we expect it to top at 20 cargoes by the end of the week,” a Turkish trader says.

Two West European offers of HMS 1&2 70:30 tallied at $413/t CFR Turkish ports and $414/t CFR Turkish ports, down $2-3/t on offers heard for the same blend earlier this week.

 

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