The Turkish market for imported ferrous scrap was buzzing with talk of trades Tuesday, but nothing was confirmed and many seemed uncertain on direction.
S&P Global Platts assessed Turkish imports of premium, deep-sea heavy melting scrap I/II (80:20) at $357.50/mt CFR, down $2.50 on the day.
There was talk of a Scandinavian merchant selling at $355/mt CFR to an Iskenderun-based electric arc furnace steelmaker, but this could not be confirmed.
A Turkey-based agent for European sellers said the trade had initially been talked about at $352/mt, before moving up.
A European merchant said the trade had been denied.
A European trader said there was talk of a Baltic merchant selling at $356/mt CFR for 80:20, but the mill in questioned denied buying.
The trader also said there was a US offer at $370 and $375/mt CFR for 90:10 and bonus, and that value was around $360-$365/mt CFR for heavy melting scrap I/II (80:20).
A Turkey-based agent for European sellers said US 80:20 would trade at $355/mt CFR, while another European trader agreed.
A European merchant said 75:25 would be above $350/mt CFR for most sellers.
"I don't think anything has materially changed. I think demand remains intact; there are issues where supply is concerned," a large European seller said.
"Coming up to the long holiday period, what is noteworthy [is] there are not many mills taking outages, reflecting strong order books," he said.
The standoffish approach from buyers had at least kept quayside collection prices stable this week, although they were high, the seller added.
On the paper side, the London Metal Exchange curve traded higher in the morning, before falling back during the afternoon as a fall in Dalian Commodity Exchange iron ore futures filtered into sentiment.
