Imported Scrap Prices in Turkey remain Stable Amid Limited Trade

Price assessment for US origin imported HMS (80:20) scrap remain unchanged in Turkey this week. However, with buyers expected to return to the market for February bookings, offers are likely to move up further.

Turkish market remained almost quiet with most of the suppliers still out for New Year holidays. Fewer offers were heard from suppliers owing to holidays and winter season. However, in the coming days prices are expected to go up.

Presently very less offers are floating in the market for imported scrap over the extreme wintry weather. Most of the supplier based in US coastal areas and Europe are not offering scrap which has resulted in a constrained supply of scrap. Scrap yards in the major scrap supplying countries like US, Europe, Taiwan are likely to reopen properly in the next week.

The price assessment for US origin HMS 1&2(80:20) remained at USD 370/MT, CFR Turkey unchanged with last week assessment as the market witnessed no trade activities this week.

"Importers are likely to book more cargoes for February as booking starts in Turkey, The prices may increase further as the strong demand for scrap in global markets is anticipated throughout Jan'18"- shared a source

After booking several cargoes before going on holidays in the last week, importers turned silent in Turkey now. Most of them are expected to back into the market with stronger sentiments for remaining Feb'18 cargo bookings.

Commonly in the winter season, an extremely low temperature in US and Europe affects scrap collection, transportation, logistics and processing which further results in a shortage of scrap causing prices to push further.

Turkey rebar offers remained stable - Rebar export offers from Turkey have remained firm on W-o-W basis at USD 565-575/MT, FoB Turkey. Also, domestic rebar prices in Turkey have remained at USD 580-590/MT ex-works. Now market participants are bullish on rebar prices as if demand remains strong, prices may increase further.