- Freight gains, firm domestic market support US offers
- Mixed sentiment persists as mills resist higher offers
Turkish deep-sea imported bulk scrap prices fell marginally w-o-w on 19 February 2026, driven by mills’ narrowing margins on rebar sales, which contributed to a continued stalemate between buyers and sellers and limited deal activity. Market participants remained divided on the near-term direction, keeping overall sentiment cautious and trading subdued.
Price assessments
- US-origin bulk HMS 80:20: $375/t CFR Turkiye, down by $1/t w-o-w.
- US East Coast HMS 80:20: $345/t FOB, down by $2/t w-o-w.
The scrap-to-rebar spread remained at $178-179/t, with rebar export offers at $553/t FOB.
Around four deals were reported in the $372-375/t CFR range mostly from US-origin material.
Market commentary
Market sentiment remained mixed due to limited deal activity in recent weeks. US suppliers continued to push for higher prices, supported by firm domestic scrap markets and rising freight costs. Freights from New Jersey to Turkiye increased to $32/t from $29/t a week earlier.
Some market participants noted that mills’ prolonged “wait-and-see” approach continued to limit fresh bookings, while sellers remained firm on offers amid tightening costs and strong seller presence in the market.
Another participant noted that harsh winter conditions in Northern Europe continue to restrict scrap collection, while Ramadan-related slowdowns in Turkiye are curbing mill activity. These combined seasonal factors are keeping the market broadly balanced, even as mills push for lower scrap prices amid squeezed margins.
Seller activity remains high, with multiple offers keeping pressure on the market. The scrap-to-rebar spread has narrowed, as rebar exports stand near $552-553/t FOB Turkiye against scrap at $375/t CFR, squeezing mill margins.
Domestic steel market sentiments
Turkish mills maintained a cautious procurement strategy due to weak long steel demand and upcoming Ramadan maintenance, buying interest is fading. Most participants expect scrap prices to soften further, with limited upside in the near term.
Subdued construction activity and limited export enquiries continued to weigh on steel consumption, restricting mills’ ability to accept higher scrap prices.
Outlook
Turkish deep-sea scrap prices are expected to remain under mild pressure in the coming days. While firm US domestic markets and rising freight rates may continue to support seller offers, weak long steel demand and narrowing scrap-to-rebar spreads are likely to cap upside.
Seasonal factors such as a Ramadan-led slowdown and winter-related supply constraints in Europe may keep the market relatively balanced. However, cautious mill buying and improving availability could result in slight price corrections if trading activity does not pick up.
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