Turkey bought two ex-EU scrap cargoes towards the end of last week, with deep sea scrap prices increasing once again.
An ex-UK scrap cargo was bought by an Izmir-based mill, with HMS I/II 80:20 scrap standing at $365/mt CFR. An ex-France cargo was bought by an Iskenderun-based producer with the HMS I/II 80:20 scrap price standing at $370/mt CFR. Accordingly, ex-EU scrap prices have moved up by $4-9/mt from the previous ex-EU deal.
The upward trend of Turkey’s import scrap market is expected by market players to last a little longer. Most believe that above $375/mt CFR for deep sea HMS I/II 80:20 scrap would be hard to achieve, since finished steel demand in Turkey has not recovered in recent weeks. Today, November 6, some Turkish producers raised their domestic rebar prices but it remains to be seen whether the new levels will be accepted by buyers or will be discounted for high tonnages. Nevertheless, the domestic rebar market is still weak, providing little support for the scrap segment.