What is the state of Turkey's imported scrap market?

Turkey's deep-sea scrap prices have dropped significantly due to the recent agreements. New cargo agreements also contributed to the price decline.

A cargo of HMS 1&2 (80:20) was requested from Iskenderun to Europe at $366 per tonne CFR and a cargo at $386 per tonne CFR. A steel mill in northern Turkey was also heard to have booked a cargo of HMS 1&2 (80:20) in the Baltic Sea at $369 per tonne CFR.

All these market reports compared to last week's booking by a steel mill in Iskenderun region of a US cargo of HMS 1&2 (80:20) at $397 per tonne and a cargo of US cargo of shredded and plate and structural (P&S) at $417 per tonne CFR, which resulted in a sharp drop in prices as of May 9, 2023.

Looking at steel scrap prices from a general observation and market sentiment, the Turkey index for Northern European CFR HMS 1&2 (80:20 mix) was calculated at $366.81 per tonne, down $24.90 since Friday, May 5. US HMS 1&2 (80:20 mix) scrap was also down by $24.90 to $372.20 per ton.

Another deal was heard from the Marmara region. With Europe, a request was made for 32,000 tons of HMS 1&2 (80:20) and 8,000 tons of bonuses at an average price of $375 per CFR.

As a result, the premium for US scrap over European scrap remained at $5.39 per ton