- Active bookings reported from the USA and Europe
- Seasonal supply tightness boosts Turkish scrap prices
Imported deep-sea scrap prices rose by about 1.6% to $369/t CFR Turkiye, amid higher collection costs, strong rebar prices and supportive freight rates. Mills are actively seeking shipments for January, with many still short of requirements, while domestic rebar prices remain firm amid steady construction-led consumption.
Price assessments
- US-origin bulk HMS 80:20 was assessed at $369/t CFR Turkiye, up by $6/t w-o-w.
- Bulk HMS 80:20 from the US East Coast stood at $336/t FOB, up by $4/t w-o-w.
The scrap-to-rebar spread stayed around $202/t, with rebar offers at $568-570/t FOB.
Market scenario
Supported by strong domestic rebar demand and limited cargo availability, the deep-sea market sentiment continues to remain positive. Seasonal supply tightness and bullish freight rates, along with European collection costs near Euro 255-260/t and a stronger euro, further bolstered prices.
Recent transactions indicate upward pressure on scrap prices, though offers remain limited. Domestic rebar remains firm, with exw values around $590-595/t, aided by favourable weather and steady downstream demand.
Market sentiment is mixed: sellers are optimistic on rising prices and freight, while buyers remain cautious, expecting prices to stabilise in the near term. Overall, the Turkish deep-sea scrap market shows steady momentum amid active winter restocking.
Domestic market update
The Turkish market is extremely active, driven by strong domestic rebar demand and limited scrap availability. Mills are raising rebar offers almost daily as traders stockpile ahead of major government housing projects for 500,000 new units, with construction timelines stretching to 2027.
Recent market chatter witnessed some active deep-sea bookings, with Russian cargo with HMS 80:20 booked at $365/t, the US at $368/t, Germany at $362/t, and the Netherlands reportedly concluding a deal at $360/t.
Outlook
Turkish deep-sea scrap prices are expected to stay firm through December, supported by steady rebar demand and tight supply. Mills still require late December-early January cargoes, keeping procurement active, while sellers remain bullish. However, any softening in rebar demand could cap further gains. Overall sentiment points to a firm but controlled upside, with additional bookings likely for late January, even as some suppliers step away for the holiday period.
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