Turkey buys more scrap cargoes, lifts prices higher

Turkish producers have continued to buy imported scrap cargoes, lifting prices up further, Kallanish notes.

Three fresh imported scrap bookings were heard on Thursday. A Turkish mill in the south bought a cargo from a European supplier at average $453/tonne cfr Turkey for 15,000 tonnes of HMS 1&2 75:25, 10,000t of shredded, 5,000t of busheling and 10,000t of P&S.

Two other mills in the south bought cargoes from the US. While the HMS 1&2 80:20 price stands at $451/t in the first booking, it appears at $454/t cfr in the other. Shredded scrap, meanwhile, rose to $464/t cfr in the second transaction.

Offer prices are seen to have increased further following these bookings. Baltic and US suppliers are now heard offering HMS 1&2 80:20 at above $460/t cfr Turkey.

On the short-sea scrap market, ex-Romania and ex-Russia offers stand at $440-445/t cfr and $455/t cfr respectively, while ex-Bulgaria offers are at $435-440/t cfr.

Meanwhile, some Turkish mills further hiked their domestic shipbreaking and new cutting scrap buying prices on Thursday.

Burcak Alpman Turkey