Turkiye: Imported scrap prices rise by up to $6/t w-o-w amid active Nov’25 bookings

• Near-term outlook positive, supported by firm freights
• Gaza ceasefire sparks hopes of recovery in rebar demand

Turkiye’s deep-sea imported ferrous scrap prices rose by up to $6/tonne (t) w-o-w, supported by a US-origin cargo trade as mills continued procuring November-shipment material.

Around 8-9 cargoes were booked over the past 6-7 days at $344-353/t CFR.

Price assessments

• US-origin bulk HMS 80:20 was assessed at $354/t CFR Turkiye, up by $6/t w-o-w.
• Bulk HMS 80:20 from the US East Coast stood at $322/t FOB, up by $6/t w-o-w.

The Turkish rebar-to-scrap spread remained at $195-200/t. Rebar offers rose w-o-w to $545-550/t FOB.

Market updates

A market participant highlighted that Baltic-origin offers were at $350-353/t CFR Turkiye and European-origin cargoes at $345-350/t CFR. US-origin offers this week were heard at $355-358/t, though bids from steelmakers heard at around $350-352/t.

A trader stated, “Most US sellers have already completed their sales, leaving few alternatives, and buyers are unwilling to accept prices at these levels.”

A few Turkish mills were reportedly still completing their November shipment cargo bookings, while Asian-origin billets have begun attracting renewed buyer interest.

Domestic updates

Domestic scrap supply remained somewhat tight, with stocks declining as August and September bookings fell short of expectations. Rebar market sentiment showed slight improvement, supported by the recent uptick in scrap prices. However, limited export demand for finished steel products kept the domestic market subdued, dampening overall scrap buying interest.

Some participants remained optimistic about a potential recovery in domestic demand, while geopolitical developments, such as the Gaza ceasefire, are expected to support higher export demand for finished steel products.

Outlook

Most participants view the near-term price outlook as positive, anticipating further upside supported by firm dry bulk freights. A market participant stated that US suppliers believe that with the November settlement trending higher, dockside prices are also likely to rise, though some participants remain cautious due to tight supply and price resistance from buyers.