Supply of ferrous scrap tightened on Wednesday, and Turkish import prices from the deepsea jumped.
Two US cargoes were sold into Turkey during the recent Eid al-Fitr holiday.
One was bought by an Iskenderun electric arc furnace-based producer, containing 10,0000 mt of heavy melting scrap I/II 80:20 at $290/mt, 10,0000 mt of shred at $295/mt, and 10,0000 mt of plate and structural at $300/mt.
This cargo carried a last shipment date of August 10. Cargoes earlier than this were no longer available in the market, a Turkish steelmaker said.
A second producer said he believed this trade was indicative of value, due to general strengthening in the scrap market.
The second cargo was also US origin, bought by an EAF-based producer in Izmir. This cargo contained 30,000 mt of 80:20 at $287/mt, 5,000 mt of shred at $292/mt, and 5,000 mt of P$S at $297/mt.
One trader said he believed that this was already a cheap price for 80:20, due to issues on the collection side Wednesday.
Other sources also looked higher, as a Turkish agent for Baltic exporters believed the next business would be done in a range of $293-$295/mt.
A buyer in Iskenderun agreed the shortage was showing and would likely drive prices to $300/mt.
S&P Global Platts assessed HMS I/II 80:20 at $290/mt on Wednesday, up $7/mt from Tuesday.
"This will probably impact our local collection prices," a European exporter said.
A trader in the US supported this, saying that a UK exporter had increased its intake level by GBP5 ($6.50) over the last week to GBP 170.
A third cargo was heard before publication, but it could not be included as it was heard after the assessment close, though it supported the day's movement.
A premium Baltic seller booked a cargo to a Turkish producer containing 19,000 mt of 80:20 at $290/mt, 3,500 mt of shred at $295/mt and 3,500 mt of bonus at $300/mt.
This was confirmed with a source close to the booking as shipping in mid-August.
