A steel mill in the Marmara region booked a Baltic cargo comprising 25,500 tonnes of HMS 1&2 (80:20) scrap at $321.50 per tonne cfr and 7,500 tonnes of bonus at $331.50 per tonne cfr.
This new cargo price is an increase when compared to the sale of a European cargo, reported yesterday, because of the higher prices for finished steel product, sources told Fastmarkets.
Fastmarkets assessed the price of domestic billet in Turkey at $425-440 per tonne ex-works on January 31, increasing from $420-425 per tonne on January 24 a week earlier and $416-425 per tonne on January 17.
A steel mill in the Izmir region booked the European cargo comprising unknown volumes of HMS 1&2 (75:25) at $308.50 per tonne cfr and bonus at $325.50 per tonne cfr.
Fastmarkets’ daily scrap indices moved higher on February 5 after the latest transaction.
The daily index for Northern Europe-origin HMS 1&2 (80:20) was calculated at $319.34 per tonne cfr on February 5, from $306.42 per tonne cfr on February 4, up by $12.92 per tonne day on day.
The daily index for US-origin HMS 1&2 (80:20) was $327.79 per tonne cfr on February 5, up from $314.88 per tonne cfr on February 4, up by $12.91 per tonne day on day.
This left the premium for US material over Northern European scrap at $8.45 per tonne cfr on February 5, marginally down from $8.46 per tonne cfr on February 4.
Prices have largely trended higher since January 15, when the index for northern Europe-origin HMS stood at $269.97 per tonne cfr, driven by scrap cargoes priced at higher levels and supported by improved finished steel sales.
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