According to market sources, the Turkish import scrap market has made a quiet start to the last week of the month. No new transaction has been reported so far since the beginning of the week, while an ex-Baltic HMS I/II 80:20 deal was concluded last week in Turkey at $370/mt CFR.
Demand for scrap from Turkish mills has slowed down considerably amid the continuing crisis in Iraq and also due to the proximity of Ramadan which starts during the coming weekend. Market sources report that Turkish steel producers have taken a break from their scrap purchases and they might reduce their production rates due to the unfavorable market conditions.
On the other hand, import scrap availability has decreased in the Turkish market since the US and European scrap suppliers continue to prefer to give offers to their own domestic markets. Additionally, prices in the US domestic scrap market are expected to remain firmly on a sideways trend in July. The import scrap price trend in the Turkish market is expected to become clearer in the coming days with the conclusion of new deals.