Turkish buyers’ demand for Black Sea scrap still on the weak side

SteelOrbis has been informed by market sources that ex-Black Sea scrap offers for Turkey have continued their gradual downtrend. This week's A3 scrap offers to Turkey from Romania have declined by $2-3/mt over the past week to $350-352/mt CFR Marmara and to $352-354/mt CFR Nemrut. Meanwhile, Russian A3 scrap offers for Turkey are now at $353/mt CFR Marmara and at $355/mt CFR Nemrut, softening by the same amount since last week.
 
In the meantime, the latest scrap deals in Turkey from the Adriatic region (Serbia and Bosnia-Herzegovina) have been concluded at $354-356/mt CFR Nemrut.
 
Demand for ex-Black Sea scrap in Turkey has remained weak for a long time now. Turkish buyers indicate that they have not been satisfied with the quality of Black Sea scrap for a while now and so they have postponed conclusion of transactions from the region. Against the backdrop of the weaker demand in Turkey, the gradual declines in scrap prices will likely continue.