Buyers in the import
scrap market in
Turkey are still unwilling to conclude new
scrap deals. Although it is heard that only a very few ex-Black Sea purchases of small
scrap tonnages have been concluded, no new deep sea
scrap transaction has been heard since the ex-US deal concluded for HMS I/II 80:20
scrap at $330/mt CFR in the first week of May.
Last week, a
scrap supplier in the US tested the import
scrap market in
Turkey with offers for HMS I/II 80:20
scrap at $295/mt CFR but failed to conclude any sales. Considering the difficulties in Turkish finished steel sales as well as current finished steel prices, Turkish steel producers state that at present new
scrap purchase prices should not be above $260/mt CFR. However, it is observed that Turkish steel mills are also finding it difficult to accept import
scrap offers below $260/mt CFR since it is hard to foresee the future in terms of finished steel sales.
Meanwhile, SteelOrbis has been informed that a Turkish steel producer has concluded an ex-Black Sea deal for A3 grade
scrap at $240/mt CFR, while Turkish steel producers state that offers below the abovementioned price level can be found if they want to conclude new import
scrap purchases.
While import billet prices continue to decline in
Turkey, all trading activities have been put on hold as Turkish steel mills wait to see clearer price levels for their finished steel sales before concluding
scrap transactions and as finished steel buyers want to see the next price levels for import
scrap before concluding any finished steel purchases. Accordingly, both import
scrap purchases and finished steel sales have come to a halt in
Turkey.