Deepsea resource trading activity rebounds, European and American suppliers raise scrap steel prices

With the increasing interest of scrap importers in Türkiye and Bangladesh, exporters from the east and west coasts of the United States have reached new deep-sea scrap transactions. It is reported that after a positive signal was released at last week's Las Vegas Recycled Materials Association meeting, market optimism has become increasingly widespread. Deep sea scrap suppliers from the United States have adjusted their DD14 steel prices to $390-395 per ton of CFR, a year-on-year increase of about $10 per ton, which is $5 per ton higher than the premium of European resources.

Although Türkiye's April 23 falls on the National Sovereignty Day and Children's Day, the export DD14 steel market is still enthusiastic. Recently, we heard that several transactions of HMS 1&2 (80:20) resources export to Türkiye were concluded at the price of 385-390 US dollars/ton CFR. Freight prices in April generally fluctuated within a range, and market trends in May may be revealed at the International Association of Screw Thread Steel Manufacturers and Exporters conference held in the country this weekend.

The latest transaction with Bangladesh coincides with an active period in the Indian scrap market, and the market expects India to make a large replenishment. India and Pakistan may submit competitive bids within the next week. We have learned that the selling price of deep-sea scrap resources exported to Bangladesh is US $395-400 CFR, and that exported to India is about US $405/ton CFR, both higher than the transaction price of Türkiye DD14 steel.