The Turkish imported scrap market remained silent as mills booked some volumes. They opted to wait and watch for the time being to observe the situation as the finished steel market remained less supportive. Meanwhile, suppliers are not in a hurry to sell their material as due to scrap scarcity prices are continuing to move up.
After a round of active imported scrap bookings last week, steelmakers and buyers decided to stay out of negotiations.
SteelMint’s price assessment for US-origin HMS 1&2 (80:20) stood unchanged w-o-w at $395-400/t CFR.
Market review:
- Domestic scrap prices head north: Major steelmakers decided to increase scrap prices after the rise in the imported scrap prices towards the weekend. However, this week imported scrap prices remained firm with no major deals recorded. Meanwhile, the domestic finished and semi-finished steel markets remained subdued.
- Rebar prices unchanged: Subdued trade activities in Turkiye’s domestic rebar market kept rebar prices mostly unchanged throughout the week. Long steel producer ICDAS kept rebar prices unchanged since the beginning of the week at $670/t exw Biga and $681/t CFR Marmara. Offers from other local mills are at $660-675/t exw depending on the region. Demand in the local rebar market is low, which restricted mills from increasing prices further despite strong scrap prices.
Outlook: Imported scrap trade is likely to remain slow on the back of limited demand from end users. Industry experts anticipate stability in prices in the short term.
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