Turkish scrap market remains quiet

While no ex-deep sea scrap bookings have been heard in the Turkish market this week, different expectations have arisen in the market after a local producer reduced its domestic rebar prices. However, scrap suppliers believe that scrap quotations will not decrease, while producers state that increases in scrap prices are not acceptable when rebar and billet prices are going down.
 
On the other hand, ex-Black Sea scrap bookings of small tonnages have been seen in the Turkish scrap market. While ex-Romania A3 scrap offers are at $440/mt CFR, producers have been able to conclude deals at the level of $435-438/mt CFR. In the meantime, ex-Russia A3 scrap offers are standing at $442-445/mt CFR and, since demand in the Russian domestic market has remained strong, the number of ex-Russia offers has decreased. If the uncertainty continues in the market, Turkish producers are not likely to conclude any ex-deep sea scrap deals this week.