Turkish ferrous scrap coasted sideways on Friday, as a barrage of trading showed a comfortable range for Baltic and European sellers through the week.
S&P Global Platts assessed heavy melting scrap I/II 80:20 at $282.50/mt CFR Turkey on Friday, stable from Thursday.
Four cargoes were heard, two of premium Baltic origin. These showed 80:20 pricing at $283/mt and $282/mt, with the first for shipment by the end of March and the second trailing into April. Both cargoes were booked on Tuesday.
Two European cargoes were also heard. The first joined the Baltic cargoes as being booked on Tuesday, with 80:20 valued at $281/mt ex-Rotterdam. Bookings from this seller are usually on a prompt basis, and valued alongside premium 80:20 from the US or Baltic. In this instance, shipment was set for April, indicating for a relative value of $283/mt on premium 80:20.
The second cargo came from a Benelux seller, with indicative value for 80:20 from a mixed cargo pointing at $279/mt. This cargo was confirmed to be done on Friday and carried a very prompt basis, with shipping available "at any time."
Estimations from the market remained bullish, with agents setting their sights as high as $287/mt for indicative value on Friday. A European seller was less so, putting value at $282/mt and marking the low point of source assessments for the day.
"Scrap has a big resistance at the $290-$300 level. When we break it, it will go to $300 plus I think," said a Turkish producer.
He added that he believed US offers of $290/mt had disappeared, with sellers searching for higher levels. US offers were heard this week as high as $300/mt, but Turkish buyers showed no current interest for the level.
