According to market sources, the Turkish
scrap market was lively last week with a number of import
scrap deals being concluded, while price levels rose slightly during the week in question. Market sources have informed SteelOrbis that an ex-US deal was concluded in the Turkish market last week for a
scrap cargo consisting of HMS I/II 80:20
scrap at $317.5/mt CFR, indicating an increase of $5-7/mt compared to the deals concluded two weeks ago. In the same period, an ex-Baltic deal was concluded for a
scrap cargo consisting of HMS I/II
scrap, shredded
scrap and bonus grade
scrap at the average price level of $315-318/mt CFR. Meanwhile, most of the deals concluded last week were from the Baltic region. The Turkish import
scrap market has made a relatively quiet start to the current week. Just one ex-Baltic deal has been heard in the market since the beginning of the week, concluded by a Turkish steel producer for HMS I/II 85:15
scrap at $317.5/mt CFR.
Even though Turkish producers have mostly met their immediate
scrap needs with these deals in December, some producers have preferred to wait and are expected to conclude new transactions in the coming days. Subsequently, Turkish producers are expected to leave the market and focus on their billet and rebar sales. In line with increasing
scrap prices, domestic steel producers have revised their billet and rebar quotations for the local and export markets in the last few days. In the coming days, it will become clearer whether the new price levels will gain acceptance from rebar buyers in the local and export markets. The import
scrap transaction activity of Turkish producers is expected to be determined by the demand they receive for their finished steel products.