The uptrend observed in ex-Baltic prime scrap prices in Turkey has continued with a deal disclosed to the market today, October 26.
An Iskenderun-based mill has concluded the latest deal for 25,000 mt of HMS I/II 80:20 scrap at $292.5/mt CFR, 5,000 mt of shredded scrap at $297.5/mt CFR and 5,000 mt of bonus grade scrap at $302.5/mt CFR. Prior to this deal, some rumors of other Baltic bookings were heard in the market on Friday, October 23, with HMS I/II 80:20 scrap prices indicating a slight increase to $291.5/mt CFR from the most recent confirmed booking closed at $291/mt CFR Turkey for HMS I/II 80:20 scrap.
As the uptrend of ex-Baltic prime scrap prices continues, the main question in the market is how long it will last. Some market sources state that, following the recent rises recorded particularly in ex-Baltic deals, the prime scrap quotations in Turkey will remain stable for some time. Others think that there is still room for some slight increase. Meanwhile, the Turkish lira has depreciated to another record level of 8.06 TRY against the US dollar, causing turbulence in the local Turkish rebar market. Some major Turkish mills have decided to increase their domestic prices to offset the weakening of the currency, while others are expected to follow suit.