Following the many import scrap bookings concluded in Turkey last week which also caused a rise in prices, demand for import scrap has continued to be observed in Turkey. Import HMS I/II 80:20 scrap quotations in Turkey which were at $340/mt CFR at the beginning of last week increased up to $349.5/mt CFR during the week in question, while many ex-Europe and ex-US scrap deals were concluded in this price range. As ex-Baltic HMS I/II 80:20 scrap offers to Turkey were at $355/mt CFR in this period, Turkish mills gave priority to purchases from Europe and the US last week due to the more attractive prices involved.
Domestic rebar purchases in the local Turkish finished steel market, which had been postponed for a long time, have revived following the end seen last week of the downward movement of import scrap prices, while it is observed that most steel mills in Turkey have not issued finished steel offer prices for their domestic market. With domestic demand reviving following the improvement in finished steel export sales and the imminent absence of the Chinese threat due to the approaching Chinese New Year holiday, sentiment has improved among Turkish steel mills, while it is observed that they are still showing demand for import scrap. SteelOrbis has been informed that import HMS I/II 80:20 scrap offers to Turkey have exceeded last weeks’ price levels with ex-US offers at $355/mt CFR, ex-Baltic offers at $360/mt CFR, and ex-UK and ex-continental Europe offers at $345-347/mt CFR. Meanwhile, short sea HMS I/II 80:20 scrap offers to Turkey are in the range of $337-345/mt CFR, depending on the region, as Turkish steelmakers’ price ideas for short sea scrap are lower than $335/mt CFR.
Although Turkish mills’ firm bids are lower than the current import scrap offers, they are expected to continue their import scrap purchases in the current week.