A raft of deals came to light in the Turkish market for imported ferrous scrap Tuesday, carrying prices and indications higher.
Platts assessment of premium Turkish 80:20 imports rose $4/mt to $201/mt CFR.
A blast furnace-based mill bought 22,000 mt of HMS I/II (80:20) at $201/mt CFR, 15,000 mt of shred at $206/mt CFR and 3,000 mt of bonus at $211/mt CFR, from a US East Coast premium merchant.
The deal was widely heard in the market and confirmed for December loading by a source close to the transaction.
The same seller also sold 23,000 mt of 80:20 at $202/mt and 22,000 mt of bonus and busheling at $209/mt CFR, to an EAF-based mill.
This shipment was reportedly out of Houston, which would normalize to around $198-$199/mt CFR on a USEC basis.
A UK yard of the above merchant was also reported to have sold 25,000 mt of 80:20 at $198/mt CFR to the above EAF-based buyer.
The yard of origin or shipping date could not be confirmed, so the trade was not used in the assessment process. It would have normalized to above $200/mt CFR.
A European merchant was also reported to have sold 20,000 mt of 75:25 at $190/mt CFR and 10,000 mt of bonus at $193/mt CFR.
This would normalize to around $203/mt CFR on a USEC basis. The trade could not be confirmed with either counterparty but was widely heard in the market so was partially factored into the assessment process.
A Europe-based trader pegged repeatable value of premium 80:20 at $199/mt CFR.
Another European trader said repeatable value of premium US 80:20 was at $204/mt CFR, while a Turkey-based trader said $200-$201/mt CFR represented repeatable value.
