Turkiye: Imported scrap prices rise further in recent deals

Turkiye's imported scrap prices trended upward amid material shortage. Imported scrap prices continued to move up in deals concluded recently. Negotiations and enquiries have increased and are reportedly under way.
Steel producers have seen a slight improvement in business activities in the finished longs sector at higher levels, so market experts believe that mills will book some scrap cargoes shortly.
SteelMint's assessment for US-origin HMS 1&2 (80:20) stands at $344-346/t CFR, up by $5/t w-o-w.

Recent deals

• In a recent deal, a UK supplier has sold HMS 1&2 (80:20) material at $344/t CFR to a Turkish steel mill.
  
  
• A Mediterranean region-based mill booked HMS (80:20) scrap at $342/t CFR Turkiye. The bulk cargo booking is for December shipments.
  
  
• An Aegean-based steel mill has booked a bulk cargo comprising HMS 1&2 (80:20), shredded, and bonus at $337/t, $352/t, and $352/t CFR Turkiye respectively last weekend.
  
  

Scrap suppliers tried to push prices higher as enquiries increased. Demand from the domestic finished steel market has moved up and so buyers have resumed trades.

Domestic market scenario

• Lira maintains stability: The Turkish national currency, Lira, has maintained stability in the exchange market for the last two months. It is currently at 18.6 against the dollar.
  
  
• Billet market activities moderate: Following the recent round of scrap bookings by steel mills, sentiment in the Turkish billet market has improved slightly. Turkish billet producers kept local prices stable at $550-560/t exw w-o-w.
  
  
• Rebar prices rise slightly: In the middle of the week, the upward trend continued in Turkiye's rebar market amid stronger sentiment seen in the imported scrap sector. Trade activities started domestically. ICDAS has kept prices at $640/t exw Biga and $651/t CFR Marmara.
  
  

Outlook: Imported scrap prices are likely to rise further; however, SteelMint understands that this price rise is only temporary due to the upcoming winter holidays. The impact of the hike will soon be seen in other scrap importing regions like South Asia.