Deepsea Turkish import scrap prices recovered over the week ending Oct. 16, as Turkish buyers returned to book premium cargoes at higher levels ranging $285-$287/mt CFR over the week from US and Baltic sellers.
S&P Global Platts assessed Turkish imports of premium heavy melting scrap 1/2 (80:20) at $286/mt CFR on Oct. 16, up $3/mt on week.
Market participants expect that the recent large-volume export sales of rebar and billet by Turkish mills are likely to keep scrap prices firm and rangebound at $285-$290/mt CFR in the near-term.
US and Baltic recyclers are likely to target higher offers around $290/mt CFR levels over the week beginning Oct. 19.
Platts US shredded scrap index was calculated at $281/lt delivered Midwest Oct. 16, up $2.00 from Oct. 9.
In Asia, the Japanese seaborne scrap market saw its first hike in prices after three weeks, with the existing expectation gap between buy and sell sides widening on the week, sources said.
Price expectations from both buyers and sellers widened further within the week, with South Korean mills seeking H2 material at Yen 26,000-26,500/mt FOB ($247-$251), while suppliers were seeking around Yen 28,400/mt FOB from Vietnamese buyers.
Japanese suppliers were heard holding onto prices and unwilling to soften offers, as Japan’s domestic demand was said to be firming up, while buyers remained wary of flat construction steel demand.
Meanwhile, the container market to Taiwan saw scant deals for US-origin HMS I/II 80:20, with the few heard done mid-week at $268/mt CFR Taiwan, up $3/mt from a week ago. Bids incrementally climbed to $268-$270/mt ending the week of Oct.16, however with traders noting that even at such levels US yards were still unwilling to respond.
Platts assessed India import containerized shredded scrap at $310/mt CFR Nava Sheva Oct. 16, up $5/mt on the week. The index had previously steadily fallen from $323.50/mt CFR on Sept. 11 to $305/mt CFR on Oct. 9. -
- Staff
