Import scrap offer prices have been trending downward, while Turkish steel mills have speeded up their scrap purchases this week, as expected. The latest ex-US HMS I/II 80:20 scrap deal in Turkey has been concluded at $375/mt CFR, while transaction prices have indicated a decline of $5/mt as compared to last week's offer levels. Meanwhile, turning to scrap purchases from Europe, the latest HMS I/II 80:20 scrap deal from Spain has been transacted at $365/mt CFR, while an ex-Black Sea A3 scrap booking has been concluded at $363/mt CFR in Turkey this week.
Turkish steel producers are expected to continue their scrap purchases in the coming days to increase their raw material inventories, while these developments on the scrap side have not brought about any positive impact on the Turkish rebar market yet. Local traders' rebar offers are standing at TRY 1,076-1,097/mt ($598-609/mt) ex-warehouse, excluding VAT, while rebar prices will likely remain on a stable or slightly downward trend due to weak demand.
$1 = TRY 1.80