Import scrap prices in Turkey have been trending downward in the last three weeks, with prices declining by $25/mt and causing Turkish steelmakers to accelerate their purchases. The latest ex-US HMS I/II 80:20 scrap deal has been concluded at $348/mt CFR, with the transaction price level indicating a decrease of $10/mt since last week.
Meanwhile, scrap suppliers state that scrap prices have reached bottom levels and that from now on activity will likely slow down and prices will follow a sideways trend, especially since most transactions in the past two weeks have been concluded from the US and inventory levels in the country have been eroded substantially. Thus, US scrap suppliers have started to reject prices below the levels of $348-350/mt CFR for HMS I/II 80:20 scrap.
Turkish steel mills, in the meantime, report that scrap demand in Turkey has not softened yet and new import scrap purchases are expected to be concluded in the current week, most likely from Europe. The latest ex-Europe scrap deal in Turkey has been concluded at the average price level of $343/mt CFR for 20,000 mt of HMS I/II 80:20, 9,000 mt of bonus grade scrap and 1,000 mt of shredded scrap, while current European HMS I/II 80:20 scrap offers to Turkey still stand at $335-340/mt, indicating no changes over the past week.
Weekly price movements of different steel products in major markets can be viewed comparatively in the SteelOrbis Historical Steel Prices section. Market trends can thus be seen more clearly, while desired charts can be created and used in reports or presentations.