It is observed that Turkish buyers’ demand for import scrap is currently not very strong, while import scrap quotations in Turkey are still on the high side, with new offers higher than the price levels recorded in deals concluded last week.
Having influenced the global markets with their recent rapid movements, steel prices and futures markets in China once again indicated an upward trend yesterday, August 21. Turkish market players are closely monitoring the price movements in China, maintaining a cautious stance. With demand declining in the local Chinese steel market after the sharp increases recorded yesterday, prices of hot rolled coil (HRC) and iron ore have declined in China. Meanwhile, no significant change has been recorded in Chinese steel export quotations.
SteelOrbis has been informed that import HMS I/II 80:20 scrap offers to Turkey are currently higher than $360/mt CFR. It is also heard that an ex-US scrap supplier is offering a cargo to Turkey, consisting of shredded scrap and HMS I/II 90:10 scrap, at the average price level of $370/mt CFR. Although last week import HMS I/II 80:20 scrap offers to Turkey were heard to be higher than $360/mt CFR, an ex-Canada deal was concluded in Turkey for HMS I/II 80:20 at $357.5/mt CFR during the given week and prices in other transactions concluded in the same period were lower than the price levels seen in previous deals.
Demand for rebar in Turkey is at low levels ahead of the Feast of Sacrifice holiday (Aug. 31- Sept. 4). Turkish steel mills continue to monitor developments in the Chinese market, while they are also taking domestic finished steel demand into consideration.