Turkiye: Imported bulk scrap prices remains stable w-o-w amid national holiday

• European activity dips amid summer holiday lull
• Bookings from Turkish mills may rebound soon

Turkiye’s deep-sea ferrous scrap import prices remained stable w-o-w at around $347/t CFR, as market activity stayed muted amid a national holiday in mid-July. With over 15 cargoes already booked this month and domestic rebar demand still sluggish, Turkish mills showed little appetite for fresh purchases.

This week, only 2-3 bulk deals were heard, concluding within a narrow range of $344-347/t CFR.

BigMint’s price assessments

• US-origin HMS 80:20 bulk scrap stood at $347/t CFR Turkiye, stable w-o-w.
• Bulk HMS 80:20 from the US East Coast was at $315/t FOB, down $5/t w-o-w.

The Turkish rebar-to-scrap spread stood at $190-195/t, with workable levels for Turkish rebars heard up to $535-540/t FOB.

Market updates

A trader noted “Softening in European domestic scrap settlements compared to June, which could apply downward pressure on Turkish scrap values.”

Scrap exporters, meanwhile, stayed away from the market, rejecting Turkish buyers’ lower bids and choosing to wait rather than reducing prices amid prevailing uncertainty.

Mills continued to reel under high input costs and elevated scrap prices, keeping market sentiment subdued amid sluggish domestic demand and weak export activity. A market participant commented, “Turkish buyers are expected to seek around 5-6 vessels for August shipment.”

New Baltic offers are heard at $345-347/t CFR, while slower US scrap flows have pushed firm offers up to $352-353/t CFR. while European cargoes were indicated lower at $337-340/t CFR. With Europe mid-way into its summer holiday period, reduced activity there may lend further support to rising US export scrap levels.

Rebar market updates

A mill-side participant said, “Subdued demand for rebar is preventing mills from raising bids for HMS 80:20 and rebar and wire rod prices remained under pressure due to tepid demand and tight financing conditions. While some mills cut offers, others held firm.

Kardemir sold 28,000 t of rebar at steady prices. Rebar was assessed at TRY 25,300-26,300/t and wire rods at TRY 26,000-27,000/t, both ex-works, including VAT.

Outlook

In the near term, sellers are likely to maintain a firm stance amid price uncertainty, with some eyeing higher offers despite sluggish trade. Europe’s ongoing summer holiday lull may also support rising US export scrap levels by limiting competing supply.