Turkish steelmakers await lower import scrap offers

This week's HMS I/II 80:20 scrap offers from the US to Turkey can be found in the range of $375-380/mt CFR, while new transactions are expected in the short term at these levels. This is because the soft price trend in the local US scrap market had given the advantage to Turkish mills, allowing them to postpone their purchases.
 
Some import scrap deals have been concluded in Turkey from the US and Canada in the past week and in these transactions prices for HMS I/II 80:20 were at $382/mt CFR. With the import scrap deals concluded in the past week, it has been observed that transaction price levels have declined by $15/mt since early January. Meanwhile, the volume of import scrap offers to Turkey from several Baltic and US scrap suppliers has increased this week, showing that supply is on the rise.
 
On the other hand, ex-Black Sea A3 scrap offers to Turkey are standing at $370-375/mt CFR, though Turkish buyers' asking prices are at $360-365/mt CFR and so demand for Black Sea scrap in Turkey has remained low for the moment.