Turkiye: Imported ferrous scrap prices fall by up to $3/t w-o-w

• Weak downstream demand weighs on the scrap market
• Gaza ceasefire may support rebound in steel demand

Imported deep-sea ferrous scrap prices in Turkiye slipped up to $3/t w-o-w amid a subdued market. Trading remained thin as the persistent gap between seller offers and mill bids kept sentiment muted. Participants also stayed cautious, tracking softening rebar prices amid weak domestic and export demand.

While the new week began quietly, participants expect market activity to increase in the coming days, supported by improved booking interest and ongoing negotiations.

Around 3-4 cargoes were booked over the past 6-7 days at $350-353/t CFR.

Price assessments

• US-origin bulk HMS 80:20 was assessed at $351/t CFR Turkiye, down by $3/t w-o-w.
• Bulk HMS 80:20 from the US East Coast stood at $322/t FOB, stable w-o-w.

The Turkish scrap-to-rebar spread remained at $195-200/t. Rebar offers stood at $548-550/t FOB

Market scenario 

A market participant noted that Baltic and US-origin HMS 80:20 offers are likely to stay around $355-358/t CFR, while producers aim to keep bids under $350-352/t CFR.

An Iskenderun-based trader said, “Some Turkish mills are still looking for late-November cargoes, while others are starting to inquire about December shipments, there’s no rush to finalise deals.”

Demand for EU-origin scrap remains subdued, as European exporters grow cautious over a strengthening euro that could hit their export competitiveness.

Billet market: Chinese billet prices have fallen to levels attractive for Turkish buyers, reigniting interest in imports. A major mill in Izmir reportedly booked 50,000 t at around $457/t CFR for late November–early December delivery, while a large Iskenderun mill secured a 20,000 t cargo.

Despite this, only a handful of semi-finished steel shipments have arrived so far this month. Trade sources noted that just four deep-sea cargoes have landed in October–one from China, two from Malaysia, and one from Russia—destined for three Turkish steel mills.

Domestic market updates

A market participant noted that Turkish mills are favouring local scrap amid tight import margins, saying, “With weak demand for longs and pressured producer margins, domestic scrap is the more viable option.”

Domestic scrap prices rose TRY 100-300/t between last weekend, equivalent to a $2-7/t increase depending on grade and region.

Outlook

Most participants remain in a wait-and-see mode, though Turkiye may see modest scrap activity, with domestic demand steady amid tight import margins and competitive Chinese billet imports drawing interest for late-November and December shipments. US scrap prices for November are expected to remain flat after October’s decline, with additional deep-sea cargoes expected to meet delivery needs.