Turkiye: Imported ferrous scrap prices hold steady during the New Year holidays

• Tight winter supply supported market stability
• January prices may edge higher cautiously

Turkey’s imported scrap market remained largely stable during the year-end holiday period, supported by tight winter supply and inventory restocking completed earlier in December. However, sluggish domestic and export rebar demand restrained buying appetite, pointing to a mostly sideways price trend heading into January.

Price assessments

• US-origin bulk HMS 80:20: $370/t CFR Turkiye, stable w-o-w
• US East Coast HMS 80:20: $344/t FOB, up $1/t w-o-w

Scrap-to-rebar spread: $190-195/t, with rebar export offers at $560-565/t FOB

In last seven day 2-3 deals has benn conlcuded at price around $363-366/t.

Market commentary

As the year-end holidays approaches limited trading activity kept prices steady, with HMS 80:20 holding near $370/t CFR.
Despite muted participation, sentiment for early January turned cautiously positive. US recyclers remained bullish amid tight supply and firm collection costs, indicating that Turkish buyers may need to raise bids to secure cargoes post-holidays.

Ahead of the break, Turkish mills built inventories, with mills in the Marmara and Izmir regions booking multiple deep-sea cargoes. European HMS 80:20 traded around $363-366/t CFR, US-origin HMS at $370-372/t CFR.

Domestic market updates

Downstream conditions remained weak, as sluggish domestic and export rebar sales curtailed aggressive scrap buying. Some mills are expected to re-enter the market in January, though cautiously.

Meanwhile, domestic auto bundle and ship scrap prices held firm, supported by steady demand and constrained supply. Overall, Turkey’s scrap market closed the year on a stable note, with attention now shifting to post-holiday January demand and trading momentum.

Outlook

Turkey’s deep-sea scrap prices are expected to move sideways or edge slightly higher in January, supported by tight winter supply and bullish exporter sentiment. However, weak rebar demand may cap near-term upside and limit aggressive procurement.