Turkish buyers were the dominant players in a weaker import ferrous scrap market Wednesday as lower cargoes and talk of Chinese billet softened expectations.
A Russian cargo clocked in at $225/mt for 80:20, or $230/mt when normalized to premium equivalents according to market sources. Also spotted was a UK cargo at $220/mt -- continuing the trend with UK-origin cargoes since first bookings last Thursday -- but talk placed this cargo outside of the assessment.
The booking was an addition to a cargo agreed between an Izmir EAF-based producer and a major exporter concluded during the month-long market silence, according to a trader. He added the initial booking was made at approximately $270/mt and this top-up consisted of a scant 9,000 mt.
Talk at an industry event in the US showed surprise at the current market situation, with sources believing that the market remaining stable to weak during a slew of bookings by Turkish mills is generally a very bearish sign.
Chinese billet entered the conversation on Wednesday, as a European trader claimed that bookings had been made by mills at $300-$305/mt CFR Turkey, before offers fell to $290-$295/mt CFR. Another trader said he would be surprised to see $300/mt or higher achieved, as the $290-$295/mt offer levels had been bounced around since the start of the week.
This was met with skepticism by other sources, who saw talk of bookings of this nature as another tool buyers were using to pressure the price of ferrous scrap.
S&P Global Platts assessed HMS I/II 80:20 CFR Turkey at $230/mt on Wednesday, down $2.50/mt from Tuesday.
