The Turkish scrap market has started to revive this week in terms of buying activity, following a long period of sluggishness. Downward price expectations for scrap have strengthened, after an ex-US scrap deal was concluded by a Turkish mill this week at the average price level of $392/mt for 20,000 mt of shredded scrap, 20,000 mt of HMS I/II 80:20 and 5,000 mt of P&S scrap. According to market sources, ex-US scrap offers to Turkey are now standing at $390-395/mt CFR and so some scrap bookings are expected to materialize in Turkey at these levels.
On the other hand, Romanian A3 scrap offers to Turkey stand at $372-375/mt CFR, declining by approximately $5/mt week on week. Meanwhile, a Turkish mill has concluded an ex-Romania A3 scrap transaction at $372/mt CFR.