DAILY STEEL SCRAP: Fresh US cargo pushes up prices
Turkish steel mills continued to book deep-sea scrap for August shipment at slightly higher prices, market sources said on Thursday July 8.
A steel mill in the Iskenderun region booked a US cargo, comprising HMS 1&2 (90:10) at $498 per tonne, shredded and plate & structural (P&S) at $516. The composition of the cargo was not shared by the parties involved.
This compares with deep-sea bookings heard on Wednesday July 7 at $514 and $515 per tonne cfr on a shredded basis.
Fastmarkets’ daily scrap indices edged up in response to Thursday’s deal.
The daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, was calculated at $493.25 per tonne on Thursday, up by $1.29 per tonne.
And Fastmarkets’ corresponding index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, was $500.89 per tonne on July 8, up by $1.30 per tonne, putting the premium for US material over European scrap at $7.64 per tonne on July 8, compared with $7.63 per tonne on July 7.