Prices in the import
scrap market in
Turkey had initially increased in the first week of May and then moved sideways, while in the current week import
scrap suppliers are trying to maintain their price levels recorded in previous weeks. In the deals concluded last week, deep sea HMS I/II 80:20
scrap was at $270-272.5/mt CFR. In the current week, demand has declined slightly compared to last week, while Turkish steel producers' price ideas for deep sea HMS I/II 80:20
scrap are heard to be lower than $270/mt CFR.
Following the announcement of
Turkey's economy ministry to the effect that there will be an investigation regarding the increases in domestic rebar prices in
Turkey and also regarding the tightness of domestic rebar supply, some Turkish steel mills reduced their domestic rebar quotations slightly yesterday, May 15. As a result, it is observed that the declines seen in the local Turkish rebar market are not linked to any lack of demand; in fact, domestic rebar demand in
Turkey is still strong. Turkish steel producers have not reflected the rises seen in their rebar quotations in their import
scrap purchase prices in the last two weeks. On the other hand, they have increased their domestic
scrap purchase prices in order to obtain a greater share of domestic supply due to its advantages in terms of logistics. As a result, Turkish steelmakers' purchase prices for domestic
scrap have even exceeded their import
scrap purchase prices. With Turkish steel mills' finished steel export sales failing to improve, they also continue to maintain a cautious stance as regards the conclusion of new import
scrap deals due to their concerns that domestic demand for rebar will slow down ahead of Ramadan.