Turkey: Mills remain active in booking imported scrap

Turkish scrap buyers are actively procuring imported scrap from the US, Baltic and European-origin cargoes. The offers , however,see-sawed throughout the week. For instance, prices which were down early in the week rebounded in a recent deal. In addition, there is sufficient scrap available with the yards that may pull down prices further, SteelMint understands. Market insiders expect some more cargoes to be booked for September shipments.

SteelMint's assessment for US-origin HMS 1&2 (80:20) stands at $452/tonne (t) CFR Turkey, down significantly by $6/tonne (t) w-o-w.

• Ferrous scrap import prices into Turkey have shot up by around $5/t in a fresh deal, sources informed SteelMint. A Baltic-origin bulk cargo was booked by an Aegean region-based steel mill. The cargo comprised 13,000 t of HMS 1/2 (80:20), which was sold at $457/t CFR, and 17,000 t of shredded scrap that changed hands for $473/t CFR.
  
  
• In another deal, a US-origin bulk cargo was booked by an Aegean region-based steel mill. The cargo comprised 25,000 t of HMS 1/2 (80:20) and sold at $453/t CFR. The deal was finalised for Sept'21 shipment.
  
  
• Prior to this, another US-origin bulk cargo was booked by an Aegean region-based steel mill. The cargo comprised 18,500 t of HMS 1/2 (80:20) at $455/t CFR and 1,500 t of bonus and 5,000 t of shredded scrap at $470/t CFR.
  
  

Overall, Turkey's scrap market remained slow this week, due to the Muharram Ashura holidays.

Turkish lira appreciates slightly against dollar: The Turkish lira has appreciated slightly against the dollar. Currently, the national currency is being traded at TRY 8.53 as compared to 8.59 as reported last week, against the dollar. However, the exchanged rate has gained value early in the week and was recorded at TRY 8.42.

With rebar export sales turning subdued, mills remained active in the domestic market which led to decline in domestic prices to $665-670/t-exw.