Meanwhile, Russian A3 scrap offers to Turkey are now ranging at $360-365/mt CFR, decreasing by $5-10/mt as compared to last week, while Romanian scrap offers to Turkey have softened by $5/mt to $355-360/mt CFR. Due to the drop in demand from Turkish buyers, scrap suppliers from the Black Sea region have had to cut their prices.
As regards the Turkish finished steel market, sluggish activity and declining prices in the export markets have prevented the market from registering a recovery, and this has also contributed to the postponement of scrap purchases. Poor finished steel demand and heightened political tensions in the Middle East and North Africa (MENA) region, which is one of the key steel export markets for Turkey, has negatively impacted activity, while Turkish steelmakers are not expected to conclude import scrap deals in the coming week.
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