In Turkey’s import scrap market, prices have inched up slightly in relatively new deals done for March shipment, disclosed as having been done from the US and the Baltic region. Some sources believe that the positions of both suppliers and buyers regarding prices are currently balanced somewhat, while price expectations are mostly firm to slightly positive.
According to market information, an Izmir region-based steel producer in Turkey has booked an HMS I/II (80:20) scrap cargo from the US at $362.5/mt CFR, while the previous SteelOrbis daily benchmark price stood at $360/mt CFR. The lot also includes shredded and bonus scrap at $382.5/mt CFR, SteelOrbis understands. Give the ongoing uncertainty in the US created by Trump regarding steel tariffs, local US steel prices continue to rise in the meantime at a rather rapid pace.
In addition, a 24,000 mt HMS I/II (80:20) scrap cargo has been sold to a Marmara region-based steel producer from Poland at $358/mt CFR, $0.5/mt, up from the previous ex-Baltic price level.
Currently, Turkish mills are still buying scrap for March shipments and are under some pressure for April, and so it is largely believed they will be not in a position to resist small price increases. Moreover, some players believe that the situation in Turkey’s rebar market may improve before Ramadan on the back of some restocking, which would also support scrap pricing. As for billet, the price trend is not quite clear with some fluctuations seen from China, while some Russian mills are reluctant to sell immediately due to the unfavorable exchange rate, though there is some demand for their products. “I think if [import] billet is around the $470-475/mt CFR range, it is not that bad [for the mills] against scrap at close to $360-365/mt CFR,” a trading source told SteelOrbis.