Import
scrap buying activity in
Turkey has accelerated following negotiations conducted during the SteelOrbis 2014 Spring Conference & 70th IREPAS Meeting held in Barcelona on March 31-April 1. Over the past week, Turkish steelmakers have concluded many import
scrap bookings from
Europe and the Baltic region. The latest ex-
UK scrap deal has been concluded in
Turkey for 25,000 mt of shredded
scrap at $395/mt CFR, while the most recent ex-Baltic deal has been concluded at $385/mt CFR for 27,000 mt of HMS I/II 80:20
scrap and at $395/mt CFR for 8,000 mt of bonus grade
scrap. Transaction levels have indicated an increase of $15-20/mt in the past two weeks. Meanwhile, currently there are many ex-Baltic HMS I/II 80:20
scrap offers available in the range of $385-387/mt CFR.
Even though activity in
Turkey's long steel export market has failed to show significant improvement, the ongoing increases in import
scrap prices are considered as a surprising development in the local market. However, Turkish steelmakers have started to accept HMS I/II 80:20
scrap offers at $380-390/mt CFR as activity in the local rebar market has accelerated amid the tight availability in the local billet market and the appreciation of the Turkish lira against the US dollar. The trend of import
scrap prices will likely be shaped by whether the revised ex-
Turkey rebar offers, which are currently standing at $575-580/mt FOB, succeed in gaining acceptance in the export markets.