Platts TSI assessed Turkish imports of premium heavy melting scrap I/II (80:20) at $308/mt CFR Wednesday, flat against Tuesday's assessment.
Although no deals were reported, there was plenty of talk amongst market participants of a potential spike in trades in the coming days. US exporters are reportedly offering scrap cargoes around $313-$315/mt.
With December holidays fast approaching, sellers are able to offer these higher levels due to fewer shipments over this period. Baltic cargoes were also said to be at these levels by one trader.
"Suppliers seem bullish as they are saying there is a shortage of frag [shredded material]," said one US trader.
A European exporter disagreed, however, saying that "Mills are in no hurry to buy material, they can wait for days. There are up to ten cargoes in the market, so mills can choose whichever ones suit their prices. They are looking for $300-$305/mt, origin dependent."
An EU trader was skeptical of the amount of cargoes available.
"Offers are closer to $315/mt," he said.
S&P Global Platts reported on the aggressive Black Sea billet sales and offers from CIS mills recently, with prices reaching $460/mt FOB Wednesday.
Prices have fallen over 12% since mid-September, a considerable decline compared to scrap and finished steel prices.
A trader said that CIS mills have become increasingly competitive and have therefore been able to undercut Iranian offers, which are usually $10/mt cheaper than CIS material.
Turkey export rebar prices were assessed at $512.50/mt FOB on Wednesday.
