The Turkish import
scrap market has been relatively quiet over the past two weeks after the sharp declines seen in the market in the beginning of November. Last week, a couple of
scrap deals were heard, while an ex-US deal to
Turkey for HMS I/II 80:20
scrap was concluded at $301/mt CFR, indicating no change compared to the price levels a week earlier. Since the beginning of this week, no new deals have been heard in the market.
Some Turkish producers want to buy
scrap due to the approaching winter which will increase freight prices, but they are waiting for significant discounts on current price levels. On the other hand,
scrap suppliers want to maintain their price levels unchanged.
After the sharp declines recorded in the iron ore market last week, prices of iron ores with Fe content of 62 percent have decreased to $70/mt and then trended sideways. But today, November 25, iron ore prices have started trend downward, decreasing by $1/mt to $69/mt.
Meanwhile, a major Turkish producer opened its billet sales at prices below the market's expectations, causing rebar prices in the local Turkish market to soften. Additionally, Turkish producers are pessimistic about the prospects for future demand due to lack of improvement in their rebar export markets as both demand and prices continue their declining trends. Under these circumstances, the downward pressure on
scrap prices is expected to increase further.