In an older scrap deal from last week, Turkey’s ex-EU scrap price has been recorded at $358/mt CFR, not moving much and providing support for prices.
SteelOrbis has learned that an Izmir-based Turkish steel producer has concluded the ex-EU booking for HMS I/II 80:20 scrap at $358/mt CFR, $0.75/mt higher than last week’s average price.
This week is expected to be a challenging one for sellers. Turkish mills are more inclined to wait and monitor their finished steel sales before they start to buy cargoes for April shipment. Market sources agree that deep sea scrap quotations may show a sideways trend for now, while Turkish producers are trying to increase their sales. No decline in prices is anticipated for the moment since the dynamics of scrap availability and collection costs do not allow room for a downward price adjustment. As of today, March 3, Turkish domestic rebar spot prices have increased by TRY 100-300/mt ($2-7/mt) amid costlier import scrap and ongoing currency fluctuations, compared to Monday, February 24. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 24,100-24,700/mt or $551-565/mt ex-warehouse, depending on the region, at an exchange rate of $1 = TRY 36.46. Mills' official rebar prices in the Iskenderun region vary at TRY 24,750-25,000/mt ($566-571/mt) ex-works, up by TRY 100-250/mt ($2-6/mt) over the same period.