Turkish imported scrap prices up further in recent deep-sea cargo bookings

Imported scrap prices in Turkey have increased further in this week as mills continued to actively restock scrap inventory. Prices have risen by $7 m-o-m. SteelMint's assessment for USA origin HMS 1&2 (80:20) stands at $297/t CFR Turkey, up by $5 w-o-w.

Market highlights-

• Some scrap suppliers now don't have material with scrapyards for early Dec'20 shipments, due to low scrap collection on COVID-19 pandemic
  
  
• While the buyers even ready to pay a premium level price and get their material booked ahead of winters
  
  
• Turkish Lira depreciated rapidly since the beginning of the Oct'20. Currently, $1 is trading equal to 8.46 Turkish Lira as compared to 7.73 a month ago.
  
  
• Turkish steelmakers have increased their domestic scrap buying prices this week, gradually increasing their domestic rebar offers on a depreciating Lira, despite dull demand.
  
  
• From Jan to Oct, Turkey's domestic automotive market has expanded 78.1% on an annual basis to 588,354 units. A total of 76,341 vehicles were sold across Turkey in Oct, marking a 90.9% rise from October 2019, according to Automotive Distributors' Association (ODD) report
  
  
• Turkey's consumption of finished steel products rose by 25.2% in the third quarter of CY'20. The consumption during Sep month increased by 27.7% to 2.8 mn t. During Jan-Sep'20, it was recorded at 21.9 mn t, an increase of 14.9% y-o-y, according to data released by the Turkish Steel Producers Association (TCUD).
  
  
• Turkish ferrous scrap imports recorded a 13% hike to 2.14 mn t in Sep'20 as against 1.89 mn t in Aug'20, as per data maintained with SteelMint. Imports from USA were significantly up by 32% m-o-m to 0.49 mn t in Sep'20