After concluding plenty of import
scrap deals from the beginning of October up to mid-November, Turkish steel mills have slowed down their
scrap purchases as of the middle of November. SteelOrbis has been informed that Turkish steel mills are still making price inquiries to understand suppliers' current position but their firm bids are significantly lower than suppliers' offers.
Right after the ex-Denmark deal concluded in
Turkey last week for HMS I/II 80:20
scrap at $271/mt CFR, another ex-
Europe scrap deal has been concluded at a significantly lower price level, causing confusion in the market. However, it is observed that Turkish steelmakers are giving their firm bids based on this latter ex-
Europe scrap deal. SteelOrbis has been informed that Turkish steel producers' firm bids for HMS I/II 80:20
scrap are currently at $255-265/mt CFR. According to market sources, suppliers find it difficult to meet buyers' firm bids as their price levels are much higher than $255-265/mt CFR, given the contribution of higher freight charges.