The Turkish scrap import price was virtually flat today on three sales concluded from the UK, continental Europe and Russia.
A UK supplier sold 6,000t of HMS 1/2 80:20 at $499/t and 18,000t of shred at $519/t cfr Izmir for June shipment yesterday.
A continental European supplier sold 20,000t of HMS 1/2 80:20, 6,000t of P&S/HMS1, 10,000t of shred and 4,000t of new cuttings at an average price of $500/t cfr Iskenderun for June shipment today.
A St. Petersburg supplier sold HMS 1/2 80:20 at $500/t and bonus at $510/t cfr Iskenderun for June shipment today.
The Argus daily HMS 1/2 80:20 cfr Turkey steel scrap assessment decreased 10c/t to $502.40/t cfr today.
Several deep-sea scrap suppliers have been looking for sales mid-week but are not attracted to mills' bids at around $500/t cfr for premium HMS 1/2 80:20.
The Turkish scrap import price rise has not kept up with the pace of the rise in Turkish export rebar prices. A mill was heard to sell rebar at the equivalent of around $767/t fob Turkey to south America mid-week. Since 27 April, Argus' daily cfr Turkey steel scrap and fob Turkey steel rebar assessments have increased $75.10/t and $114.90/t, respectively.
Seaborne steel markets have been fuelled by sharp Chinese price increases which continued unabated today. Tangshan billet prices reached a historical high of Yn5,770/t ex-works, up Yn100/t on the day. And Chinese rebar offers at $1,000-1,020/t fob are beginning to disappear and move higher.
A total of 34 deep-sea scrap cargoes are now recorded traded for June shipment after two more deals were heard concluded on 5 and 10 May. The total number is expected to be around 40 cargoes traded. Another 20 cargoes are expected to trade for June shipment.
Turkish mills have increased their rate of purchasing having bought around 40 cargoes for June shipment by 12 May. It was not until 16 April that mills purchased around 40 cargoes for May shipment, and not until 23 March that 40 cargos traded for April shipment. One or two cargoes could trade for July shipment by next week.
On a lack of short-sea price indications, the Argus daily A3 cif Marmara steel scrap assessment remained flat at $475/t.
