The Turkish scrap import market lurched downwards Thursday as a lower-priced trade from a leading premium US East Coast merchant came to light.
The merchant sold 17,000 mt of heavy melting scrap I/II (80:20) at $185/mt CFR, 20,000 mt of shred at $190/mt CFR and 3,000 mt of bonus at $195/mt CFR.
The cargo was sold to an electric arc furnace-based steelmaker in the Iskenderun region.
Platts daily assessment of Turkish premium 80:20 imports shed $1.50/mt to $185/mt CFR Thursday to reflect this deal.
The Platts Market on Close assessment process finished early at 1230 in London ahead of the Christmas holidays.
This cargo came hot on the heels of another sold by the same mill, which was reported Wednesday.
A source close to the seller said the earlier deal -- struck at $185.50/mt CFR for 80:20 -- was low to compensate for late shipment on an earlier contract.
But the latest deal indicated the merchant in question was repeating similar price levels. The original $185.50/mt CFR trade surprised the market given the perceived strength of the domestic US market for January.
A European merchant said late Wednesday this latest trade made it clear the seller was "setting the market level" rather than compensating for any lateness in an earlier contract.
