Major Scrap Suppliers to Turkey Look for High Offers for Feb Shipments – Reports

Scrap import prices have elevated further by USD 10/MT on significant deals concluded recently in Turkey. The assessment of HMS 1&2 (80:20) scrap is now above USD 362.5/MT, CFR Turkey supporting suppliers to expect further upward movement by USD 5-10/MT in upcoming trades.

Importers in Turkey resumed buying with stronger interest after remaining calm for starting 3-4 days in last week. Recent assessments for all grades of scrap have gone high by USD 10/MT against last week. Several deals heard between Baltic suppliers and Turkish importers recently have pushed imported ferrous scrap prices further in Turkey.

Current assessment of USA origin HMS 1&2 (80:20) stands at USD 362.5/MT, CFR Turkey. Prices have climbed further by USD 8-10/MT against reported last at USD 352/MT, CFR Turkey.

“Scrap prices in Turkey lifted further on recent deals. Last deal for US origin HMS concluded at USD 362.5/MT, CFR. However, US suppliers are now looking at USD 365-370/MT for February shipments. Sellers are less likely to sell materials even at current levels.”-shared a source from world’s leading metal recycling company.

In the latest deal concluded a Canadian merchant sold 13,500 MT Shredded and 16,500 MT Bonus to Iskenderun-based electric arc furnace steelmaker at an average price of USD 370/MT CFR Turkey.

Another mill in Marmara region booked a European cargo earlier, comprising 20,000 MT HMS 1&2 (75:25), 15,000 MT mixture of P&S and HMS 1, along with 5,000 MT new cuttings, at an average price of USD 357/MT, CFR. Several Baltic trades heard around USD 357/MT levels on last Friday in Turkey.

Presently scrap collection costs have risen in major supplying countries sharply. Though few sellers were looking for transact at increasing prices, they remained facing difficulties in putting cargo together. While buyers were focusing on supporting rebar prices and remained more bullish than sellers in Turkey.

Turkey Rebar export offers moved up – Rebar export offers from Turkey have increased by USD 5-10 further as the prices are lifted from USD 535-545/MT, FoB last week to USD 545-555/MT, FoB Turkey now. Also, domestic rebar prices in Turkey have increased by USD 10/MT W-o-W to USD 570-585/MT ex-works. Market participants are bullish on rebar prices as demand is robust and steel mills are aiming to complete the construction activities before winters.