Turkey: Imported scrap prices rebound to one-month high on active deals

Imported scrap prices into Turkey continued to move northward. Turkish scrap buyers remained active in booking cargoes of the US-, Baltic-, and Benelux- origins last week. SteelMint's assessment of US-origin HMS 1 & 2 (80:20) is at $470-475/tonne (t) CFR Turkey, moving up significantly by around $5-10/t w-o-w.

Prices have climbed to a one-month high, as per data maintained with SteelMint.

Recent deals

Many suppliers in the market are even targeting above $480/t CFR levels for the US cargo bookings. Market players have understood that Turkish buyers have waited long for price clarification. Now, they are in urgent need to book around 15-20 cargoes for Feb'22 shipments.

Turkish market overview

• Lira stands steady against dollar: The country's national currency witnessed stability this week against the dollar. Lira was trading at 13.59 against $1 as compared to 13.64 a week ago.
  
  
• Domestic scrap prices follow global trend: Turkish steel producers continued to revise domestic scrap prices from the beginning of the year, owing to continued currency fluctuations and improved imported scrap sentiments. Many Turkish steel mills have increased their local scrap purchase prices.
  
  
• Billets prices up: Turkey's billets market regained momentum with prices moving up considerably. Billets offers in Turkey are at $660-670/t exw, up by around $20/t exw w-o-w. Some producers even targeted $680/t exw, but these levels were not workable.
  
  

Outlook

Considering the continued uptrend in imported scrap prices, Turkish buyers are likely to remain active for Feb'22 shipment bookings.