Turkish mills re-enter scrap market almost $20 higher (scrap top 1/8)

Turkish mini-mills returned to the market in the past week, which led to prices reaching almost $20 per tonne more than previously transacted business over a fortnight earlier.About seven new deep sea deals were made into Turkey over the past week with the most recent Benelux deal at $342 per tonne cfr Turkey for HMS1&2 (80:20) material, up from the previously transacted levels of $323-325 per tonne cfr for HMS1&2 (80:20), market participants told MB.Offers have continued to be launched into the Turkish market with a shredded offer of $357 per tonne cfr reported to MB, although no further sales have been identified.“The Turkish market has been fairly busy again but the gains don’t represent much as we are having to pay a lot more in freight costs anyway,” said a Benelux exporter.A Benelux cargo of lower quality HMS1&2 (60:40) scrap was also booked this week at $327 per tonne cfr Turkey.A US east coast deal was also reported at $347 per tonne cfr Turkey for shredded scrap.Recent freight rates into Turkey reported to MB are $70-75 per tonne for US east coast cargoes and as high as $50 per tonne for Benelux cargoes.