Turkish scrap import prices have increased significantly today after a US supplier yesterday sold HMS 1/2 80:20 at $443/t and shredded material at $458/t cfr Izmir for beginning-of-November shipment.
And the buyer this morning increased its domestic rebar offer by the equivalent of at least $5/t to $670/t ex-works excluding value-added tax (VAT), having not offered domestically yesterday. Marmara and Iskenderun mill sales were yesterday made at $667-668/t ex-works excluding VAT.
Another US exporter is heard to be offering HMS 1/2 80:20 in a $447-450/t cfr Turkey range for November shipment.
Turkish scrap import prices rose from the middle of this week on a combination of Turkish long steel sales — for export and domestically — strong Turkish scrap demand, and a floor to US dockside purchasing prices.
There were no continental European or Baltic scrap offers heard in the market today, and news of the US deal price will lead to sellers targeting higher prices than continental European and Baltic sales earlier this week. They will now look to profit much more substantially as dockside purchasing prices continue to average down in both regions on sub-suppliers' willingness to average down their own sales prices.
