Turkish steel mills active in scrap bookings

After a period of silence, Turkish steel producers returned to the scrap market last week for new purchases and concluded a significant number of new import bookings. Turkish steel mills are still active in the scrap market.
 
With increased demand coming from Turkish mills, scrap prices last week switched to a rising trend, with the price of ex-US HMS I/II 80:20 for Turkey increasing to $452/mt CFR, from the previous price level of $443/mt CFR. Moving to this week, although it is heard that ex-US HMS I/II 80:20 scrap offers to Turkey are at about $455/mt CFR, there has not been any booking confirmed at this price level so far.
 
Turkish mills have also been busy concluding ex-Europe scrap bookings in the past week, with the price of ex-Europe HMS I/II 70:30 reaching $432/mt CFR and the price of HMS I/II 80:20 increasing to $445/mt CFR. SteelOrbis has learned from market sources that ex-Europe HMS I/II 80:20 offers to Turkey this week are standing at $445-450/mt CFR.
 
As of today, ex-Black Sea A3 scrap offers to Turkey are standing at $440/mt CFR, while some A3 scrap bookings are heard to be concluded at $435/mt CFR Marmara Sea ports.
 
Turkish mills' scrap bookings are expected to continue if the acceleration observed in finished steel markets last week is maintained.