Turkish mills buy 19 May shipment scrap cargoes to date

Turkish steelmakers have purchased at least 19 deep-sea ferrous scrap import cargoes for May shipment, according to Argus records.

The cargoes have been purchased at an average premium HMS 1/2 80:20 price of $429.54/t cfr Turkey, according to Argus' calculation.

When factoring in deals not advertised to the market, total May shipment cargoes purchased to date are expected to be 23-24.

At least 19 deep-sea cargoes have been purchased in the last 10 business days, including 17 for May shipment and two for April shipment.

Some 34 deep-sea cargoes were purchased for April shipment, according to Argus records, with the total figure expected to be close to 45.

Turkish mills were able to buy April shipment material until 1-2 April. They are expected to be able to buy May shipment material at the beginning of May, giving them around three weeks to buy the remaining 20 cargoes estimated necessary to complete their May shipment requirements.

Of the 19 May shipment cargoes bought, six are US or Canadian origin and six are continental European origin. The remainder comprise three Baltic cargoes, two Russian cargoes and two UK cargoes.

The two largest Turkish mills have bought at least three cargoes each so far for May shipment.

There are still understood to be at least five US cargoes, six continental European cargoes, four Baltic or Scandinavian cargoes, four UK cargoes, and two Russian cargoes still available for May shipment.

Turkish mills are expected to receive interest from four deep-sea scrap suppliers for June shipment trading next week including two Baltic suppliers, one continental European exporter and one Russian exporter. Mills have already made June shipment inquiries.

By Alex Reynolds