Import scrap prices in the Turkish market have been revised upwards again along with the bookings concluded during the Ramadan holiday. An ex-Baltic HMS I/II 80:20 scrap deal was concluded at $381/mt CFR last week, reflecting an increase of $5/mt as compared to previous transaction levels. During the past week ex-Europe booking for HMS I/II 75:25 scrap has been concluded at $370/mt CFR, moved up by $4-5/mt as compared to previous levels. No new deal has been heard this week so far.
Market sources report that Turkish steelmakers are expecting a recovery for rebar demand and so import scrap prices have continued their upwards trend. In addition, Ukrainian mining and steel producing group Metinvest announced that it stopped accepting new export orders. This situation may cause tighter supply for import billet and pig iron in Turkey and leading prices for these products to move upwards. If this expectation materializes, import billet will be no longer alternative of import scrap for Turkish steelmakers and so increased import scrap prices will see further support.