SteelOrbis has learned from market sources that ex-Russia A3 scrap offers to Turkey have increased by $3-5/mt since last week to $363-368/mt CFR Marmara Sea ports, while ex-Romania A3 scrap offers have risen by $2-3/mt to $355-357/mt CFR Marmara Sea ports or $357-360/mt CFR Nemrut port in Turkey's Aegean region.
This week, no transaction has been heard so far in Turkey from Russia or Romania. Last week, some A3 grade scrap transaction were concluded at $359-360/mt CFR Marmara Sea ports.
Previously, Turkish steel mills were expected to complete their scrap bookings before the start of the month of April in order to have sufficient inventory levels. Thus, intensive scrap booking activity had been anticipated this week. However, contrary to expectations, there have not been so many bookings so far, as steelmakers have been delaying purchases until after the March 30 municipal elections. Unable to foresee the possible effects of the political and economic climate on the demand situation in the finished steel market in the period after the elections, Turkish steel mills are cautious about concluding new scrap purchases.