Turkiye: Imported scrap prices witness marginal uptick on improved bids
A few Turkish steel mills have increased their bids for imported ferrous scrap in a bid to maintain a smooth pipeline of supplies to support operations. A couple of mills...
A few Turkish steel mills have increased their bids for imported ferrous scrap in a bid to maintain a smooth pipeline of supplies to support operations. A couple of mills have raised their bids by $2-3/t for prompt shipments.
However, no transaction has been concluded this past week and the imported scrap prices have remained mainly stable.
Trade participants anticipate that near-term prices are likely to maintain the uptrend as that rebar export prices may rebound amid improvement in construction activities in the Middle East and other regions.
Further, as the year draws to a close most of the shredder units in the UK have taken maintenance breaks along with a few in the US, as per sources.
A few trader sources informed that buying interest has slowed down in the case of some mills as construction activities in the key rebar exporting regions such as Europe is unlikely to pick significantly during the harsh winter months.
The imported ferrous scrap market saw negligible bids and offers during this week, a trader source shared.
SteelMint's daily assessment for HMS 1&2 (80:20) from the US stood at 387/t CFR Turkey.
Turkish mills consume around 30 mnt/year of scrap, typically procuring about a quarter of it from the domestic market.
Domestic market-
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- Lira maintains stability: The Turkish national currency, the lira, continued to remain stable for yet another week in the currency exchange market. It is currently at 18.72 against the US dollar.
- Rebar prices increase: Major Turkish steelmakers have raised their domestic rebar list prices by $10-$20/t recently due to restocking activity and the rise in domestic scrap prices amid strong import prices.
- Lira maintains stability: The Turkish national currency, the lira, continued to remain stable for yet another week in the currency exchange market. It is currently at 18.72 against the US dollar.