Turkey imported scrap prices stable in recent deals

Turkish imported scrap buyers have concluded decent bookings this week from the UK, Baltic and Netherlands-origin cargoes. Although active buying was seen at the start of the week, the market slowed down towards the weekend.

Mills are less interested in importing scrap amid subdued demand for finished steel. Many market insiders believe that price hike was temporary as in the middle of the week, the market turned largely inactive. It is anticipated that some more cargoes are to be booked for Oct shipments.

SteelMint's assessment for US-origin HMS 1&2 (80:20) remained unchanged at $445/tonne (t) CFR Turkey.

Recent deals

• A UK-origin cargo was booked by an Aegean region-based steel mill comprising 32,000 t of HMS 1&2 (80:20) and 10,000 t of shredded scrap. Both materials were sold at an average price of $449/t CFR.
  
  
• In another deal, a cargo comprising HMS 1&2 (80:20) of the Netherlands and Baltic-origin scrap was concluded for the Mediterranean and West Marmara region steel mill at around $435-440/t CFR.
  
  

Market highlights

• Turkish lira depreciates: The Turkish lira (TRY) depreciated this week after three successive hikes. Currently, the national currency is being traded at 8.5 as compared to 8.3 last week against a US dollar.
  
  
• Turkey domestic rebar offers firm: Offers for rebar in Turkey are currently at $655-680/t exw, largely stable w-o-w. Demand for domestic rebar remains uncertain, but few sales were heard due to the low inventories.