Turkey: Imported scrap trade slows after active bookings, further price correction less likely

Turkey's imported scrap trades have slowed down after active bookings which came into light earlier this week. Turkish buyers have booked nearly four bulk cargoes for Sept'21 shipments towards the closing of last week. SteelMint's assessment for US-origin HMS 1&2 (80:20) stands at $458/tonne (t) CFR Turkey, down significantly by $5/tonne (t) w-o-w.

Recent deals

Turkey's buyer expect around 10-15 more cargoes needed for Sept shipment. While there is less chance of offers may come down further, some buyers believeit is close to bottom price.

Market updates

• Turkish Lira inch down: The national currency, Lira, slightly slip to TRY 8.59 levels against the dollar, as compared to TRY 8.52 recorded last week. While, early in the week, Lira touches 8.62 levels.
  
  
• Rebar market subdued: The nation's rebar market remain subdued on decline on domestic and overseas demand. Turkey's Kardemir opened rebar sales price in the domestic market decreasing to TRY 7,050.5 exw levels. Slower business activity has not let the producer sell sufficient quantities of the material so far.
  
  
• Turkey's ferrous scrap imports up 24% in H1CY'21: Turkey, the world's leading ferrous scrap importer, witnessed a sharp rise in imports of the material by 24% y-o-y to 12.4 million tons (mn t) in the Jan-Jun'21 period in contrast to 9.8 mn t seen in the same period last year, as per data compiled by SteelMint. Strong finished steel demand, manufacturing activity and rise in Turkish crude steel output kept Turkey's scrap imports on the higher side, SteelMint understands.