Turkish deepsea import ferrous scrap prices rose August 2, as collection issues restricted scrap supply, sources said.
S&P Global Commodity Insights assessed the Platts Turkish imports of premium heavy melting scrap 1/2 80:20 Aug. 2 at $352/mt CFR, up $4.50/mt from Aug. 1.
“We have very low inflow and massive problems getting scrap shipped by barge, so there is no possibility of exports for us,” an EU recycler said before citing a minimum workable value of $400/mt, due to low water levels affecting freight rates.
“Inflow is low at the moment and it looks like everyone is just waiting,” a second EU recycler said. A third source corroborated the collection issues Europe is currently facing.
According to a trader, scrap exporters are also unwilling to sell scrap at the moment, opting instead to hold on to their cargo and prop up market prices.
“I, for one, will not sell until mid-September,” stated the third EU recycler, “I think the big players can wait until the August vacation period is over.”
Platts then heard a reported firm bid for premium HMS 1/2 80:20 at $330/mt CFR, which was rejected by a seller.
As a result of the restricted supply, a source said “mills hate the prices they have to pay, but there is no European supply to choose from.”
On Aug. 2, multiple sources shared details of an unconfirmed deal booked for US-origin HMS 1/2 80:20 at $352/mt CFR.
Both parties that were mentioned by several unrelated sources later denied involvement in the trade.
— Abdi Salad
