Having accelerated at the beginning of June, demand from Turkish steel mills for import scrap continues to be observed, despite a slight slowdown over the past two weeks against the backdrop of the end-of-Ramadan holiday.
As the US has imposed 25 percent tariff on all steel imports after cancelling temporary exemptions, Turkish steel mills have once again offered advantageous prices to US buyers and have started to conclude finished steel sales to the US. With Turkey’s steel exports increasing thanks to the sales made to the US, import scrap demand in Turkey has revived as compared to late May, while import scrap prices for Turkey have increased during the past two weeks. In the current week, a Turkish steel mill has concluded an ex-US deal for HMS I/II 80:20 scrap at $355/mt CFR and for shredded scrap at $370/mt CFR.
SteelOrbis has been informed that US suppliers’ current offers to Turkey for HMSI/II 80:20 scrap are at $355-360/mt CFR, while European suppliers’ offers for the same scrap grade are at $355/mt CFR Turkey.
Meanwhile, suppliers in the Baltic region are reportedly offering HMSI/II 80:20 scrap to Turkey at $355/mt CFR, while they have not accepted Turkish mills’ firm bids at $348/mt CFR.