Import scrap purchasing activity has slowed down in the Turkish market over the past week. Plenty of import scrap offers are available from different sources, though Turkish steelmakers are showing little interest in these offers at the moment. Meanwhile, it is reported that scrap suppliers' inventories are on the strong side, while Turkish mills are only concluding deals in line with their needs. In the meantime, ex-US scrap offers to Turkey are considered to be on the high side and have gained little acceptance, and so US scrap suppliers have started to focus on the South Korean market, concluding HMS I scrap deals to this country at the level of $385/mt CFR.
On the other hand, after a downward price revision in the Black Sea region, ex-Russian A3 scrap offers to Turkey have declined to $380-385/mt CFR, while Romanian A3 scrap offers to the country have decreased to $375-380/mt CFR. However, Turkish producers' price expectations for short sea offers are varying at $370-375/mt CFR.
Due to the higher scrap availability in the global markets and the sharp reductions in Turkish mills' production volumes, Turkish mills do not see any reason to rush to conclude new scrap deals and are instead waiting for offers to be revised downward.
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