Turkish mills are actively seeking United States-origin scrap and expect to negotiate their next US deep-sea cargoes at prices comparable to or higher than the last-reported sales, sources said on Wednesday September 29.
Tight shredded and bonus-grade scrap supply is staving off further export market downside and shoring up heavy melt prices, with buyers willing to pay more to secure units of grades in lower supply. Shredded scrap remains thin on the ground and a lack of material has stalled US export sales to Turkey.US exporters shrugged off recent offers of around $433 per tonne cfr and Turkish mills anticipate that they will have to pay $440 per tonne cfr minimum for an 80:20 mix of No1 and No2 heavy melting scrap moving forward. The last-reported HMS sale concluded on September 15 was equivalent to $439 per tonne cfr on an HMS 1&2 (80:20) basis. Turkish steelmakers have circumvented the US East Coast in their pursuit of scrap over the past week with Fastmarkets learning of three cargo sales to the region on Tuesday September 28.Turkish mills secured HMS 1&2 (80:20) from a...