Turkiye’s ferrous imported scrap market was mostly silent at the start of this week; however, mills opted to evaluate the situation for finished steel demand and supply. Negotiations have partially slowed down after healthy deals were recorded till last week.
Continued high rebar prices followed by better demand in Turkiye urged scrap exporters raise their quotes as they foresee that the raw material pipeline is not appropriate for the coming months.
SteelMint’s daily assessment for HMS 1&2 (80:20) from the US stood at $450-455/t CFR Turkiye. Prices have risen by $10-15/t w-o-w. Currently, US and Baltic scrap collectors increased their prices for HMS 1&2 (80:20) to over $465/t CFR.
Rebar price rise continues: Steelmakers have decided to increase rebar prices as demand recovered after the severe earthquakes and amid costlier imported scrap.
Turkiye’s major long steel producer, ICDAS, announced a $40/t increase in domestic rebar offers after being out of the market for one week. The product is now available at $750/t exw Biga. Turkish suppliers have set prices at $760-780/t exw depending upon the region.
Turkey’s MMK Metalurji is resuming steel production following the major earthquakes that rocked the country’s southern and central regions.
Gas tariff relaxation to support steel sector: The authorities are likely to adjust natural gas prices to reduce costs for the steel industry. The overall decline is 20-26.12% depending on the consumption group. Steel market players are cautiously optimistic about the step as it can help producers cope with changing market fundamentals.
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