The Turkish ferrous scrap import market was silent on Monday, as it digested trade data from Friday and examined pricing increases in China.
A Benelux merchant booked a cargo on Friday to a Marmara EAF-based producer, containing 15,000 mt of 75:25 at $255/mt, 5,000 mt of shred at $265/mt and 10,000 mt of bonus/busheling at $270/mt. This was confirmed with a source close to the transaction as for shipment in the second half of March.
A European merchant referred again to talk of a Baltic sale on Friday, saying that while he had confirmed the trade was done, the price was still mercurial between $262-$264/mt for 80:20. Talked levels on Friday for the trade were in a range of $262-$265/mt, but two different potential buyers were talked. This excluded the data from being used in the assessment.
The seller put the market comfortably in the $260-$270/mt range this week, adding it should find stability there as "everyone is making money at this point."
A second European seller said there was room still for scrap to increase from a currently talked range of $262-$265/mt, due to increases in iron ore and Chinese billet. The Platts IODEX assessment rose to $93.05 CFR China for 62% Fe on Monday, up $6.45/mt from Friday. Chinese FOB billet offers jumped on Friday by $30/mt, putting them at $420-$425/mt according to one trader.
"All signals show increases for the market," said an agent in Turkey for European merchants. "Market is quiet as sellers are unwilling to offer while the market is moving upwards. But there is no big demand today either, buyers are quiet as well."
The lack of demand was contrary to one of the European sellers, who said he had received four inquiries for material on Monday.
S&P Global Platts assessed HMS I/II 80:20 CFR Turkey at $262/mt on Monday, stable from Friday.
