Scrap prices start to gain clarity in Turkey with latest deals

Earlier-than-expected price increases have surprised the Turkish scrap market. Transaction prices for scrap have increased by $13/mt since last week, with the latest ex-US HMS I/II 80:20 scrap deal heard today, June 21, at $358/mt CFR. The upward trend in import scrap prices is expected to support finished steel prices as well, while market sources tell SteelOrbis that foreign scrap suppliers are still in the market, despite the higher scrap availability in the Turkish domestic market.
 
On the other hand, a Canada-based scrap supplier is expected to enter the market and there are rumors that the supplier will likely conclude scrap deals in Turkey at around $350/mt CFR. If these expectations come true, other foreign mills may also revise their offers down slightly. However, at present scrap prices are trending upward amid current market conditions.