In a new deal concluded yesterday, October 16, Turkey’s import scrap prices have declined further.
Steelorbis has learned that an ex-EU scrap booking was done by a Marmara-based producer for 28,000 mt of HMS I/II 80:20 scrap at $367/mt CFR and 7,000 mt of shredded scrap at $387/mt CFR. As a result, ex-EU scrap prices have declined by another $4/mt as compared to yesterday’s estimated levels following the previous ex-Baltic transaction.
While prices in China are moving down, market sources report that Turkey is seeking to source billet from nearby sources since ex-Asia prices lack clarity and the Asian billet market remains characterized by uncertainty. Accordingly, some buyers have preferred to restock with ex-Black Sea material with shorter lead times or they may actively focus on scrap as they feel more confident. Turkish rebar producers were aiming to offer higher long steel export prices, though international buyers do not seem ready to accept higher levels, also considering the relatively lower longs export prices from North African suppliers. Following the recent downturn in import scrap prices, most Turkish mills have stopped raising their longs prices both in the local and export markets and are applying aggressive pricing policies to generate sales. Currently, ex-Turkey rebar prices vary at $610-620/mt FOB, versus $620-630/mt FOB last week, for November-early December shipments. Sources report a few mills are applying aggressive pricing strategies to generate sales and are even testing below $610/mt FOB for serious buyers.
