Turkey: Imported Scrap Prices Inch Down in Recent European Deal

SteelMint learned from industry participants that Turkish imported scrap market has turned silent for ongoing Eid holidays and may take a couple of days more to reopen properly. However, a single deal has been learned to have concluded before closing down for holidays by a Marmara based steelmaker pulling scrap prices further marginally down.

In a deal came into light recently, an Iskenderun based steelmaker booked a European scrap cargo comprising 30,000 MT of HMS 1&2 (75:25), 5,000 MT of Shredded and 5,000 MT of Bonus at an average price of USD 279/MT, CFR Turkey.

As per SteelMint's methodology, an assessment of US-origin HMS 1&2 (80:20) scrap inched down to USD 285-287/MT, CFR Turkey against the last week report of USD 288-289/MT, CFR. While assessment of European origin HMS 1&2 (80:20) stands at USD 278-280/MT, CFR Turkey.

US domestic ferrous scrap market outlook remains unclear for September as few sellers are hopeful for the further increase while others believe the market may have reached peak amid limited finish steel demand.

As per recent reports, the US government has delayed the imposition of 10% tariffs on some Chinese products resulting in relief among participants amid easing the war situation. This move is being anticipated to bring positive sentiments at the global levels and could result in a rebound in oil and steel markets.

Turkish rebar reference export offers stand at around USD 445-455/MT, FoB Turkey.