Having mostly indicated a fluctuating trend in November, import scrap prices in Turkey are still at the same levels recorded last week. Last week, import scrap quotations in Turkey increased with HMS I/II 80:20 scrap prices moving up from $296/mt CFR recorded in the previous week to $315/mt CFR, while there were several import scrap deals concluded last week at a minimum price level of $306/mt CFR and at a maximum of $315/mt CFR. It is observed that demand for import scrap in Turkey has been slightly slower this week, while ex-Baltic deals have been concluded at $314/mt CFR, which is similar to the price levels recorded last week.
Domestic rebar prices in Turkey have moved up above TRY 2,600/mt ($657/mt) ex-works and reached record levels due to the rises seen in import scrap prices last week as well as due to the sharp depreciation of the Turkish lira against the US dollar.
The depreciation of the Turkish lira has given rise to a mood of apprehension in the markets as it is difficult for buyers to gain a clear picture of the future price trends. Although demand for rebar in Turkey had increased slightly at the beginning of the current week, with the ongoing rapid depreciation of the Turkish lira finished steel purchases in Turkey have slowed down and are now being concluded only in line with buyers’ needs. Against the backdrop of the economic uncertainty prevailing in the Turkish market, Turkish steel mills’ demand for scrap in the second half of the current week is not expected to reach last week’s levels.
$1 = TRY 3.96