Over the last two months, ex-US scrap deals to Turkey had been rare as US suppliers have been targeting other markets. However, last week ex-US scrap deals to Turkey have accelerated, with approximately five scrap deals being heard. It is reported that ex-US scrap transaction prices to Turkey have increased by $2-4/mt compared to the previous week, with HMS I/II 80:20 scrap in the average price range of $372-375/mt CFR.
Over the same period, ex-UK scrap transaction prices to Turkey for August shipments have trended sideways since last week, with HMS I/II 80:20 scrap still at the average price level of $365/mt CFR.
Market sources state that Turkish producers expect rebar demand to improve after Ramadan and have thus increased their scrap purchases. Rising iron ore prices still provide support for scrap prices. In the coming days, import scrap prices in the Turkish market may trend sideways following Turkish producers' recent ex-US scrap purchases for August shipments which have provided them with some relief in terms of supplies. After increasing slightly at the end of June, scrap prices in the local US market have started to show signs of stability.