As per weekly assessment, imported scrap market in Turkey has witnessed a slow restart in trading activities post holidays for festival Eid-al-Adha and contrary to expectations of bouncing back of market, the demand remained weak in this week again.
The reference price assessment remained majorly stable this week with marginal fall of USD 3/MT W-o-W and stood at USD 352/MT, CFR Turkey. The price assessment stood at USD 355/MT, CFR Turkey last week.
Most offers remain steady throughout the week and some trade activities were noticed as buyers returned from holidays.
“This is a marginal drop in Turkish imported scrap prices but sentiments are still positive. We have to wait and observe the trade activities taking place in next 1-2 days, on the basis of which we shall get a clearer picture.”-a market participant shared with SteelMint.
Sources said, a western Europe based exporter was heard to have booked two cargoes at average of USD 350 /MT, CFR Turkey in which one was booked by a buyer from Izmir region and another to one from Iskenderun, though no further details about the trades are confirmed yet.
No fresh trades were confirmed amid holidays, some participants believe the lowering of prices after holidays as a starting for new negotiations but sellers are less likely to come down as they expect buyers in Turkey will resume October bookings soon.
Turkey steel prices moved up marginally this week – Domestic rebar prices moved up by USD 10/MT W-o-W and is assessed at USD 560-570/MT (ex-works). On similar line rebar export offers from Turkey have also increased by around USD 10-15/MT W-o-W and are assessed at USD 545-550/MT, FoB Turkey.
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