Turkish imported scrap prices rebound in fresh round of deals

Trade activities have resumed in Turkiye's imported scrap market. Prices bounced back amid improved finished steel demand. A bunch of deals have been concluded at increased prices.

Further, negotiations are going on between buyers and suppliers. Steel producers are trying to book scrap before the elections amid fear of a sharp weakening of the national currency, which may impact both domestic and overseas markets.

SteelMint's daily assessment for HMS 1&2 (80:20) from the US stood at $375/t CFR Turkiye, inching up d-o-d. However, prices edged down by $20/t w-o-w.

Recent deals:

Improved trading activity in the local rebar market has boosted scrap prices. A lot of deals for rebar were heard concluded.

Domestic market overview

• Domestic scrap prices diverge: Turkiye's domestic scrap prices are moving in different directions amid the current market uncertainty. Steelmakers continued to revise their purchase prices for local scrap. Some producers have increased their prices, while a couple of scrap buyers have altered their purchase prices. Trade activities have improved in the local market this week.
  
  
• Trade absent in billet market: Despite decreased prices, buyers refrained from billet purchase, mainly because current levels are still high, taking into account the negative market mood that prevailed until last weekend.
  
  
• Mills lift rebar prices: Steel producers are trying to push their local rebar offers higher amid the current uncertainty in the market. Some trade activity has been heard domestically. Domestic rebar offers from Turkish mills are now ranging within TRY $645-652/t exw depending on the region. However, suppliers may provide additional discounts in case of a firm bid.
  
  

Outlook: Recent trades are likely to give the global market a shot in the arm, and imported scrap prices may edge up in the near-term. This will give further price direction to other scrap buyers. However, market participants believe that clarity will come after the Turkish general election, which is likely to be held this weekend.