Scrap markets become quiet with absence of Turkish mills

Scrap demand coming from Turkish mills has remained weak, with no new scrap transaction being heard lately.
 
It is reported that many scrap suppliers from the US, Europe and the Black Sea region are already in the market; however, these suppliers prefer to wait until buyers return to the market, rather than issuing offer prices in the absence of buyers.
 
SteelOrbis has learned that ex-Europe HMS I/II 70:30 offers for the Turkish market are standing at $430/mt CFR, though no transaction has been heard at this price level.
 
In the meantime, although no ex-US HMS I/II 80:20 offers have been reported, it is thought that suppliers may be ready to offer at $450-455/mt CFR Turkey. However, Turkish steel producers are reportedly not inclined to purchase material at this price level for the time being.
 
While finished steel demand has remained poor in the international markets, some Turkish mills have concluded some local sales, resulting in increased domestic market activity. If this increased activity level can be maintained, Turkish mills, which have not completed their scrap bookings for February shipments, may then return to the scrap market.