Turkey Scrap Import Prices Likely to Edge Up Amid Strong Steel Demand

Turkish steel makers remained quiet in booking scrap cargoes this week with lesser deals reported. Turkey scrap import prices remained mostly stable this week.

However flat and long steel demand in Turkey continued to remain strong this week too and market participants are anticipating that prices are unlikely to fall before September. This may further push up scrap import prices further in the short term.

Recently a trade deal was concluded for 45,000 MT scrap between UK based scrap recycler – SIMS and Turkish steel maker ICDAS. 20,000 MT HMS (80:20) was sold at an average price of USD 293/MT, CFR and 25,000MT Shredded scrap was sold at USD 303/MT, CFR.

Another deal that has been heard between Euroscrap and ICDAS for a cargo containing 40,000 MT scrap at an average price of USD 296/MT. The cargo contained 22000 MT HMS (75:25);5,000 MT Shredded; 2000 MT HMS 1; 9000 MT Bonus and 2000 MT Bushelling.

Global Scrap Offers: Week 29

Source: SteelMint Research

Turkey is world’s largest importer of ferrous scrap and it imported 8.01 MnT during Jan-May’17, up 11% Y-o-Y. With rising steel production in CY17, the country is likely to further raise its scrap imports. According to World Steel Association, Turkey crude steel output stood at 15.09 MnT during Jan-May’17 against 13.54 MnT in the same period last year.