Turkey: Ferrous scrap import prices rebound in recent deals
Imported ferrous scrap prices in the Turkish market rebounded this week as the mills remained active in booking deep-sea scrap cargoes throughout the week as buying inter...
Imported ferrous scrap prices in the Turkish market rebounded this week as the mills remained active in booking deep-sea scrap cargoes throughout the week as buying interest picked up slightly. Market participants believe that robust demand for billets supported scrap booking prices.
In addition, freight rates from the US coast to Turkey fell sharply which eased export prices of scrap. SteelMint's assessment for US-origin HMS 1&2 (80:20) stands at $441/tonne (t) CFR Turkey, up by $5/t w-o-w.
Recent deals
Source: SteelMint
Market highlights
- Turkish lira depreciates: The Turkish lira (TRY) depreciated this week. Currently, the national currency is being traded at 8.5 as compared to 8.4 last week against the US dollar.
- Turkey rebar export offers firm: Re-bar (16-25mm) export offers remained firm at $675 FoB , on a w-o-w basis.
- Turkey automotive production improves in Aug'21: Automobile production in Turkey increased in Aug'21 amidst demand recovery from the overseas market. Turkey's auto output hit 106,748 units in Aug, up 42% y-o-y and 63% m-o-m, according to the Turkish Automotive Manufacturers' Association (OSD).
