Over the past week only two import deals have been concluded in the Turkish scrap market, with import prices continuing to move downwards. Accordingly, ex-Europe HMS I/II 75:25 scrap bookings have been concluded at $330-333/mt CFR, indicating a decline of $10-12/mt as compared to the previous transaction level recorded one week earlier. In the current week, no new import transactions have been heard as Turkish market players are on their Feast of Sacrifice holiday.
On the other hand, iron ore prices, which had been on a declining trend for a long time, have entered a stable trend as of October. This is also attributable to the National Day Holiday in China (October 1-7). In the meantime, as import scrap prices have continued to soften, most Turkish steelmakers prefer to wait until after the Feast of Sacrifice holiday to conclude new import scrap bookings. Both Turkish and Chinese steelmakers have been relatively quiet during their respective holidays, but after the holiday period Chinese market players will return to the market and accelerate their trading activities. Meanwhile, attractive Chinese export prices have negatively impacted Turkey's finished steel exports, also putting pressure on raw material prices. This situation is expected to continue in the coming period and influence transaction levels in import scrap deals.