Turkey: Steel Mills Book Imported Scrap Cargoes, Prices Range Bound

SteelMint learned from industry participants that Turkish imported scrap prices have remained rangebound in recent deals reported. Negotiations were underway in past couple of days as suppliers were looking for higher prices while buyers were offering a lower bids as finished steel demand remained weak.

In a trade deal reported, Marmara region-based steel mill has booked a US bulk cargo comprising a total 45,000 MT with 10,000-12,000 MT of P&S scrap at USD 304/MT, 5,000-7,000 MT of Shredded at USD 299/MT and remaining HMS 1&2 (80:20) scrap at USD 294/MT, CFR.

Another Russian cargo reported comprising HMS 1&2 (80:20) at USD 291/MT and Bonus scrap at USD 301/MT, CFR Turkey.

Following this, SteelMint's assessment of US-origin HMS 1&2 (80:20) scrap inch down at USD 294/MT, CFR Turkey against the last week report. While assessment of European origin HMS 1&2 (80:20) stands at USD 287-288/MT, CFR Turkey.

Availability of cargoes reported to have increased from US and Baltic suppliers as few of them target USD 297-298/MT, CFR levels while a few continued to ask USD 294-295/MT, CFR. While rebar export offers from Turkey were assessed at USD 450-460/MT, FoB basis, down marginally against last week.

Turkey's steel market puzzled with effect of interest rates cut announced by the Central Bank of the Republic of Turkey. However, it is being anticipated that domestic demand will strengthen in the coming days and buyers will come.