The upward movement in import scrap prices has so far failed to have a positive impact on HRC pricing in Turkey unlike developments in the longs segment. Demand for HRC in the country has remained at moderate levels, while on the export side the buyers are cautious in view of CBAM uncertainties and the recently announced EU intention to adjust the protective mechanism.
Domestic HRC prices in Turkey are at $540-555/mt ex-works from most of the mills and for end-of-November deliveries, while large buyers believe $530-535/mt ex-works levels are reachable. As for exports, the mills are offering at $540-550/mt FOB, with $530-535/mt FOB levels considered workable for decent orders.
Import offers from China have been mainly indicative due to the holiday period and have stood at $505/mt CFR throughout most of the week. In late September, according to sources, a cargo was booked by a re-roller at $508/mt CFR.
Offers from Egypt have been reported at $545/mt CFR, in line with the latest deals for medium lots. Malaysia has been offering at $550/mt CFR, according to some buyers, while Japan and South Korea are offering at $530/mt and $560-570/mt CFR, respectively.
Offers from Russia are reported at $500-510/mt CFR for non-sanctioned material and at $480-485/mt CFR for sanctioned material.
