Turkey: Imported scrap prices unchanged in quiet market

Imported scrap trade to Turkey slowed down this week after a few deals were concluded at lower levels last week. Meanwhile, some Turkish buyers opted to wait and watch for further price corrections. Hence, suppliers expected the market silence.

Major suppliers expect that Turkish buyers would surely show some interest in booking fresh slots for Oct'21 shipment, irrespective of price movements, SteelMint understands. This is because buyers need few more cargoes to fulfill the end-users' demand timely.

SteelMint's assessment for US-origin HMS 1&2 (80:20) stands at $441/tonne (t) CFR Turkey, unchanged w-o-w.

Turkish market highlights

• Lira approaches one-month low: The national currency, lira, continued its downtrend for the last two weeks. Interestingly, the prices were at a one-month high since the beginning of August, when the exchange rate was recorded at TRY 8.65 on 10 Aug'21. A short-term gain in its value has been observed towards Aug-end and beginning of Sept'12. The Turkish lira's depreciation continues and is currently being traded at TRY 8.75 against 8.43 last week as compared to the dollar.
  
  
• Domestic rebar prices fall: The Turkish domestic rebar market has observed mixed sentiments throughout the week. Some suppliers prefer to keep rebar prices firm, whereas others opted to adjust their prices to cover maximum market share. Major Turkish steel producer ICDAS has reduced its rebar prices for domestic customers by TRY 50/t to TRY 6,840/t exw-Biga.