Solid demand pushes up scrap prices in Turkey

Since, like the Turkish producers, producers from the Far East (Vietnam, Taiwan, and South Korea) and India have also been showing strong demand for scrap, scrap prices have been on an uptrend globally. As a result of the solid demand for rebar from Egypt (in particular) for prompt shipment, Turkish producers have stepped up their scrap purchases in order to sustain their production activity. In the past week scrap prices have been increasing in the market, with a constant flow of deals being observed.
 
While price levels were last week at $239/mt CFR Turkey in ex-US HMS I/II 80:20 scrap deals, the price level in this week's deals has increased to $245/mt CFR, and even to $248/mt CFR for Iskenderun port. With regard to deals ex-Europe, HMS I/II 70:30 has been at $243/mt CFR. Furthermore, in deals concluded to Turkey from Sweden and the US, the price levels of cargoes composed entirely of shredded scrap have been around $250/mt CFR Turkey.
 
Meanwhile, it is heard that Turkish finished steel producers are trying to buy high quality scrap for prompt shipment; however, some deals are also heard for May shipment. As regards large cargoes, offers are currently at $248/mt CFR Turkey for HMS I/II 80:20; on the other hand, for small cargoes, offers for A3 grade scrap are currently at $245-250/mt CFR Turkey.