Turkey: Eid holidays keep imported scrap market quiet

Imported scrap trade in Turkey slowed down this week, due to the ongoing Eid holidays. The market was quiet throughout the week. Imported scrap offers fell in the absence of market players.

It is expected that prices will continue to drop even after the holidays due to the monsoon.

Imported scrap price indications into Turkey dropped further by $5/tonne (t) w-o-w. SteelMint's assessment for US-origin HMS 1&2 (80:20) now stands at $480/t CFR Turkey.

Moreover, the discrepancies in bids and offers remained another reason behind the slow trade in the imported market. Scrap suppliers are likely to adjust their offers once the market resumes post the Eid-holidays.

Turkish lira re-bounds: Turkey's national currency rebounded this week. The current exchange rate is at TRY 8.55 against the dollar as compared to 8.56 last week.

Dull sentiments in rebar market: Turkish rebar export market has remained dull. However, sources expect mills to book imported scrap cargoes, but holidays have kept trade limited.

Turkey, Malaysia expands free trade agreement: According to media reports, the Turkish and Malaysian trade ministers had signed a joint declaration on 13 Jul'21 to expand the existing free trade agreement (FTA) between the two countries. Currently, the FTA provides tax discounts for several products in automotive, marble, iron/steel, major appliances, aluminium, plastics, glass, and food industries.