Market sources have reported two different ex-Baltic scrap bookings in Turkey this week. Accordingly, in these deals import HMS I/II80:20 scrap has been booked at $370-371/mt CFR, indicating no changes as compared to previous transaction levels.
Due to the recent political turbulence in Iraq, which is one of the most important destinations for Turkish rebar exports, shipments to the country from Turkey have almost ground to a halt, exerting a negative impact on demand for Turkish finished steel on the export side. In addition, it is expected that Chinese billet and finished steel suppliers will continue to give aggressive export prices amid the ongoing gradual decline in iron ore prices. Given all these unfavorable conditions, import scrap prices in Turkey have been expected to switch from their sideways trend to downward movement. However, despite this negative environment, Turkish steelmakers have continued to conclude scrap purchases, enabling scrap suppliers to keep their prices firm.