Despite the very small price fluctuations seen from deal to deal, the sideways movement of Turkey’s import scrap market has continued in general since the beginning of August. Turkish mills’ weaker appetite for import scrap since the beginning of 2025 is now expected to change with import billet offers becoming less attractive with long delivery terms.
A new deal done from Denmark by an Iskenderun-based producer for HMS I/II 80:20 scrap at $346/mt CFR and shredded scrap at $366/mt CFR indicates that the ex-Baltic scrap price has remained in the range of $344-346/mt CFR depending on the supplier region.
Meanwhile, another Iskenderun-based mill has concluded an ex-US booking for HMS I/II 80:20 scrap at $347/mt CFR, with shredded and bonus grades at $367/mt CFR. This deal has indicated a $1/mt increase as compared to the previous ex-US transaction. Ex-US HMS I/II 80:20 scrap has been fluctuating in the range of $346-347/mt CFR.
Turkey’s scrap markets, both import and domestic, are largely range-bound. The limited movements observed in the local scrap market are the result of the depreciating Turkish lira more than anything else, as Turkish mills try to secure scrap. In the import segment, scrap prices have hit a firm bottom despite the summer season and holidays in the EU. With the euro-dollar exchange rate standing at 1.165 again, the costs of European scrap suppliers have once again moved up. European scrap exporters’ collection prices are still in the range of €255-260/mt DAP, but market sources report that sea freight is once again recovering. The local European scrap market is on holiday, while downward pressure is building on domestic scrap prices. Market sources do not expect any positive trend until mills return from their holidays to restock. Having remained stable, the upper end of import scrap prices is represented by US-based suppliers. Turkey’s import scrap market is sustaining its stable trend in early August.
The situation in the rebar market which directly influences scrap prices has not changed. The Turkish longs export market remains silent due to poor international demand, while rare would-be buyers insist on discounts which Turkish mills cannot afford to give due to their high production costs. In the domestic market, activity has also slowed down a little, following recent restocking. In addition, ongoing currency fluctuations, the unclear financial situation in the country and the hot weather conditions are taking their toll on construction activities. Currently, ex-Turkey rebar offers still vary at $540-550/mt FOB for late August and early September shipments, stable week on week. Sources report the general workable rebar prices in the local market are still at $545-555/mt ex-works, unchanged week on week.