TSI Turkish imports of premium heavy melting scrap I/II (80:20) were assessed at $370/mt CFR Wednesday, unchanged from Friday's assessment.
Scrap prices have rallied this month, rising over 10% in December alone on strong steel prices, tightening scrap availability and a broad-based strengthening of demand from key import markets. Blast furnace-based mills have also been looking to reduce their coking coal consumption, opting to charge scrap instead, in turn further supporting scrap prices.
The last trade heard in the market was Friday between a US East Coast merchant and an Iskenderun-based mill, at $370/mt for 80:20 material. A number of market sources pointed to this still representing Wednesday's market level; however, some mentioned hearing rumors that sellers have increased their offers.
An international trader and a Turkish agent said no offers have been heard above $370/mt, instead saying scrap prices could be affected by the recent cut in Chinese finished steel prices.
The Turkish scrap swaps forward curve was in backwardation Wednesday.
The front-month January contract was trading at $364/mt, a $6/mt discount to the day's spot price. February and March were at $356/mt and $351/mt, respectively.
