The general range for Turkey’s import scrap prices has increased slightly this week in a new ex-US deal shared with the market. The main topic in the market is the 25 percent tariff announced by US President Trump on steel imports.
SteelOrbis hears that an Iskenderun-based Turkish steel producer has concluded the booking in question from the US for HMS I/II 80:20 scrap at $359.5/mt CFR and P&S grade scrap at $379.5/mt CFR, for March shipment. This price is $1.5/mt higher than the previous level recorded in ex-US deals.
Meanwhile, US scrap prices in the Ohio Valley and Northeast region for February have settled up $30-50/gt and $20/gt versus January, respectively. This upward movement came after Trump’s announcement of 25 tariffs on steel imports. Market sources report that the US domestic steel and scrap markets are expected to move up in line with demand for US produced-steel increasing amid a lack of competition. Germany-based scrap suppliers report that export yard prices have remained at €300-305/mt DAP, though a recovery in the local EU market is observed. “A lot of scrap was sold to export yards in the range of €300-305/mt DAP, with €300/mt representing a psychological threshold for us. However, a Belgium-based producer has increased its scrap procurement prices by €20/mt,” a source commented. The same source reported that they expect steel and scrap prices to recover a little at first in Europe due to Trump’s tariffs on ex-EU steel. The European Commission stated that it has not received any official notification regarding the imposition of tariffs on EU goods and that it will not respond to the news without clarification. It also said it does not see any reason for the implementation of tariffs on its exports. However, the EC will respond accordingly to protect the interests of its consumers and industries against the tariffs, which it views as being unjustified. Since Turkish steel has already been under a 25 percent tariff in the US under the scope of Section 232 since 2018, some Turkish sources believe Turkey may increase its share in the US market. “We shall wait and see. It is too early to say anything concrete. We expect Trump to negotiate with each country separately and what comes out from those negotiations is yet to be seen,” a source at a major Turkish mill commented.