Scrap prices in Turkey have rebounded on fresh bookings.

Three deep-sea deals have been concluded since the beginning of the year.

A northern Turkish mill bought a US-origin cargo on Tuesday comprising HMS 1&2 95:5 at $415/tonne and bonus grade at $439/t cfr Turkey.

A western mill bought UK-origin HMS 1&2 80:20 at $414/t and bonus grade at $439/t cfr on Wednesday.

A southern mill is heard to have bought US-origin HMS 1&2 80:20 at $419/t cfr on Wednesday.

These bookings confirm the price downtrend has reversed following the resumption of Turkish mills’ scrap demand.

On Thursday, scrap suppliers sought even higher values, at above $420/t cfr Turkey for EU-origin HMS 1&2 80:20, while at least five mills were inquiring about scrap in the market. Towards the end of the day, a Belgium-origin supplier sold a cargo to a southern mill at average $424/t cfr for 25,000 tonnes of HMS 1&2 80:20 and 15,000t of shredded and bonus. Another European supplier is heard to have sold HMS 1&2 80:20 at $415.75/t cfr, although both sides refrained from providing confirmation at the time of publication.

A trader tells Kallanish: “Considering Turkish mills halted purchases for a while and their February-shipment purchases were largely unfulfilled, this [price rebound] is not a surprise. I am afraid 2024 will also be the year of scrap suppliers as 2023 was.”

In the Benelux, although €325/t ($356) delivered was available from many exporters in the EU on Thursday morning, they later increased prices to €330-335/t following the higher-priced bookings heard on Thursday.